SpaceX, OpenAI, Anthropic and more: 2026's IPO deals reshaping markets

Global IPO activity surged in Q1 2026, raising $42.6 billion across 251 deals—a 45% year-on-year increase in proceeds despite a 15% drop in deal volume. Hong Kong led exchanges with 35% of proceeds, while the US contributed 25%, setting the stage for a wave of high-profile listings in AI and space technology. SpaceX, valued at $1.75 trillion to $2.3 trillion, is expected to go public as early as June 2026, potentially raising $75 billion—the largest IPO in history. The company combines Starlink’s profitable satellite broadband ($11.4 billion revenue, $4.4 billion operating income in 2025) with xAI, which burned $14 billion in cash while generating just $3.2 billion in revenue. Elon Musk’s dual-class share structure ensures near-total voting control, complicating governance for public investors. EchoStar, which received SpaceX shares in late 2025, stands to gain significantly, while competitors like Rocket Lab and Tesla face valuation pressures. OpenAI, the developer of GPT and ChatGPT, could list in Q4 2026 with an $850 billion–$1.1 trillion valuation, backed by $20 billion in annualized revenue from enterprise subscriptions and API usage. The company has raised $180 billion in funding, with Microsoft and SoftBank as major backers. Its IPO would mark a pivotal moment for AI’s transition from private to public markets, potentially reshaping investor access to cutting-edge technology. Anthropic, another AI leader, is also preparing for a 2026 listing, though specifics remain undisclosed. The combined IPO pipeline of SpaceX, OpenAI, and Anthropic may surpass all US listings since 2022, signaling a structural shift toward fewer, larger-scale public offerings. Analysts warn of risks, including divergent financial profiles across SpaceX’s segments and governance challenges, but the potential market impact remains unprecedented.