2026 IPO Big Three: OpenAI, Anthropic, and SpaceX Approaching Public Listings

2026 is expected to be the biggest IPO season in history. At the center are OpenAI, Anthropic, and SpaceX. All three companies are likely to go public this year, with a combined valuation of approximately $3 trillion.

1. SpaceX: June IPO at $1.5 Trillion Valuation

SpaceX appears to be moving first. According to the Financial Times, Elon Musk is considering a mid-June 2026 IPO. The target valuation is $1.5 trillion, with up to $50 billion in capital to be raised.

In December 2025, SpaceX was valued at $800 billion in a secondary share sale—nearly doubling in just a few months. Starlink services and rocket launch operations are driving growth, with 2025 revenue reaching approximately $20 billion, up 33% from the previous year ($15 billion).

Some speculate the timing aligns with Musk's 55th birthday on June 28. Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley are mentioned as potential underwriters.

2. OpenAI: Q4 Target, But Possible Delay to 2027

According to WSJ, OpenAI is targeting a Q4 2026 IPO. A key reason is to beat competitor Anthropic to market.

OpenAI is currently pursuing over $100 billion in pre-IPO funding, with valuations ranging from $830 billion to potentially $1 trillion. Revenue has grown 10x in two years to approximately $20 billion, but the company still records over $14 billion in annual losses.

However, there are variables. According to Reuters, OpenAI's IPO could be delayed to late 2026 or early 2027. While the October 2025 restructuring with Microsoft and the nonprofit conversion were completed, the ongoing lawsuit with Elon Musk remains a concern. Musk argues that OpenAI's for-profit conversion violates its founding mission.

More concerning is the financial situation. Some financial experts warn that OpenAI could run out of cash by mid-2027. Cumulative losses through 2029 are projected at approximately $44 billion. The rush to IPO may not be solely about competition.

3. Anthropic: Quiet But Could Be First

Anthropic hasn't announced an official IPO timeline, but industry observers expect movement this year. The company was recently valued at $350 billion and doubled its funding target from $10 billion to $20 billion.

Amazon holds a 20% stake (worth approximately $70 billion), and Google holds 14% (worth approximately $49 billion). The 2026 revenue forecast is $18-26 billion, revised upward by over 20% from the previous year.

LinkedIn analyst John Battelle predicted that 2026 has potential to be the biggest IPO year ever, and Anthropic will go public this year. If OpenAI is delayed, Anthropic could claim the title of 'first AI company IPO.'

4. Big Three Comparison: At a Glance

Here's a summary of the three companies' IPO outlook:

SpaceX
• IPO Timeline: June 2026 (under consideration)
• Valuation: $1.5 trillion
• Funding Target: $50 billion
• 2025 Revenue: ~$20 billion

OpenAI
• IPO Timeline: Q4 2026 target (possible delay to 2027)
• Valuation: $830 billion - $1 trillion
• Pre-IPO Funding: Over $100 billion
• 2025 Revenue: ~$20 billion (with $14 billion loss)

Anthropic
• IPO Timeline: Within 2026 (TBD)
• Valuation: $350 billion
• Funding Target: $20 billion
• 2026 Revenue Forecast: $18-26 billion

Conclusion

The combined valuation of these three companies exceeds $3 trillion. That's more than twice South Korea's 2024 GDP (approximately $1.3 trillion).

Interestingly, all three companies are leading different frontiers. SpaceX in space, OpenAI and Anthropic in AI. But they share something in common: they're all building 'future infrastructure.' Starlink is global internet infrastructure, while ChatGPT and Claude are AI infrastructure.

In the second half of 2026, it will be worth watching the order in which these three companies enter the market. Particularly noteworthy is how OpenAI's financial situation and competition with Anthropic will affect IPO timing.