AI’s trillion-dollar IPO moment: OpenAI, SpaceX and Anthropic test investor appetite

OpenAI, Anthropic, and SpaceX are nearing historic initial public offerings (IPOs), signaling a major shift in how artificial intelligence and space technology companies engage with Wall Street. OpenAI, led by CEO Sam Altman, is reportedly planning a record-breaking IPO that could raise nearly $60 billion and value the company at over $1 trillion, according to Deutsche Bank Research. This move comes as Anthropic, the developer of Claude AI and AI coding tools, has confidentially filed draft registration documents with U.S. regulators for its own IPO, positioning itself ahead of OpenAI in the race to go public. Anthropic’s rapid rise has drawn significant investor interest, with its valuation surging due to demand for advanced AI models that could transform industries like software and financial services. The company’s latest funding round included major players from Silicon Valley and Wall Street, underscoring AI’s status as a dominant investment theme. Meanwhile, SpaceX, led by Elon Musk, is also preparing for a historic IPO, targeting an offering of around $75 billion at a valuation approaching $1.75 trillion, potentially making it one of the largest IPOs ever. The IPO race represents a pivotal moment for these companies, moving beyond private funding to face public market scrutiny over revenue, profitability, and long-term business models. Unlike private investors, public market participants will demand detailed financial transparency, raising questions about how quickly these companies can convert technological dominance into sustainable profits. Deutsche Bank notes that uncertainty remains about how markets will value AI firms once they disclose financial statements and clarify their economic models. Currently, investors have limited direct exposure to AI model developers, with most public market AI investments flowing into semiconductor makers, cloud providers, and infrastructure firms. A successful IPO by OpenAI or Anthropic could open a new chapter in tech investing, offering direct access to the backbone of the AI economy. Analysts suggest the first mover in this space may set the benchmark for valuing future AI companies, shaping investor expectations for the sector. The competition between OpenAI and Anthropic is no longer just about advancing AI technology but also about defining how Wall Street will value these cutting-edge firms. With SpaceX joining the race, the trio could reshape global equity markets, following the precedent set by the previous cycle’s ‘Magnificent Seven’ tech giants.