Key Facts
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SpaceX and OpenAI are planning initial public offerings (IPOs) in 2026.
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SpaceX’s market value is approximately $1.25 trillion, and OpenAI’s is about $852 billion.
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Both companies are expected to have high price-to-sales (PS) ratios of 69 and 65, respectively.
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Historically, large IPOs underperform the S&P 500, with a median decline of 11% in the first three months and 26% in the first year.
SpaceX has filed paperwork for its IPO, aiming to go public in Q3 2026. Following a merger with xAI, the company reported a $5 billion loss on $18 billion in revenue in 2025. OpenAI, which has not yet filed, is projected to go public in Q4 2026, boasting sales growth of 225% to $13 billion in 2025.
Both companies’ IPOs could be the largest in U.S. history, but investors should be cautious, as data shows that large market value stocks often decline sharply after their debut. For example, previous high-profile IPOs saw a median drop of 11% within three months and 26% over the next year.
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