Three companies—SpaceX, Anthropic, and OpenAI—are poised to potentially raise $240 billion through IPOs, with a combined valuation exceeding $4 trillion by the end of 2026. SpaceX is leading the way, having made its S-1 filing public and expecting to begin trading on June 12 at a valuation of approximately $1.77 trillion.
SpaceX reported $18.7 billion in revenue for 2025, and despite a net loss of $4.9 billion, the company operates various profitable segments including Starlink and rocket launches. In contrast, Anthropic’s revenue run rate grew from $9 billion to $47 billion ahead of its public debut, indicating strong demand for its AI products.
Valuation estimates suggest SpaceX could trade at around 94 times sales, while Anthropic may see a valuation exceeding $1.2 trillion. Both companies face unique risks, including legal challenges for Anthropic and heavy reliance on future revenue streams for SpaceX. Investors will need to weigh these factors carefully as the IPOs approach.
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