Three private technology giants are preparing to enter public markets within months of each other. SpaceX, OpenAI, and Anthropic carry a combined estimated estimated valuation approaching $4 and are aiming to raise more than $200 billion. The US IPO market raised around $469 billion from 2016 to 2025.
SpaceX tests the waters
Elon Musk's aerospace company is aiming for a Nasdaq debut this Friday. The company set a fixed offering price of $135 a share, rather than a price range. It intends to raise $75 billion at a valuation of roughly $1.75 trillion, which would break the current record for capital raised in a public debut, set by Saudi Aramco in 2019. Fidelity has already lowered minimum account requirements for the offering from $500,000 to $2,000 for retail buyers.
Anthropic recently filed confidentially with the Securities and Exchange Commission just days after securing a funding round that pushed its private valuation to $965 billion. OpenAI filed its own confidential paperwork in late May. Analysts expect the ChatGPT creator to seek a public valuation near $1 trillion, targeting a raise of at least $60 billion.
The immediate pressure on passive index funds will be limited by standard benchmark rules:
- Major index providers weight newly listed companies based on their free float, or the shares actively available for public trading.
- SpaceX plans to initially release only about 4% of its total equity to the public.
- Insider lock-up agreements will prevent existing stakeholders from selling for at least a year, stretching the broader market impact over a longer timeline.
The upcoming debuts will force investors to weigh large price tags against early financial fundamentals. SpaceX is asking for a market capitalization that sits at more than ninety times its 2025 revenue of $18.7 billion. Internal projections for OpenAI forecast $14 billion in losses for 2026 alone.
