SpaceX, OpenAI, and Anthropic are approaching a combined $3.7 trillion valuation as all three move closer to public listings between late 2026 and 2027.

Cheaper AI models from Chinese and Western rivals are eroding OpenAI and Anthropic's pricing power, raising questions about their sky-high IPO valuations.

Global · Markets Key Facts —The race: the trillion-dollar IPO contest sharpened on May 20, when SpaceX filed its public prospectus and OpenAI was repor