OpenAI, Anthropic, and SpaceX Prepare for Mega IPOs in 2026

The year 2026 is shaping up to be a watershed moment for Silicon Valley, with three of the most valuable and highest-profile tech companies preparing for what could be record-breaking initial public offerings. OpenAI, Anthropic, and SpaceX have all taken early steps toward going public, setting the stage for potentially unprecedented IPO deal sizes that could revitalize the public markets after years of lackluster offerings.

Company Valuations and IPO Preparations

The three companies represent a combined valuation exceeding $1.6 trillion, making any one of them among the most valuable to go public since Saudi Aramco's 2019 debut.

SpaceX has made the most concrete moves toward going public, having interviewed banks and announced its IPO intentions to shareholders. The company has emphasized the AI angle of its business, telling investors it plans to use proceeds to build AI data centers in space.

Anthropic asked law firm Wilson Sonsini in December to help begin IPO preparations, while OpenAI spent 2025 converting from a nonprofit to a for-profit company with the goal of going public. OpenAI CEO Sam Altman acknowledged in a December podcast that while he was "zero percent" excited about leading a public company, OpenAI needed to keep raising more money.

Market Context and Growth Drivers

The IPO market has been in a significant slump since 2021, when 397 companies raised $142 billion in the United States. Last year, only 202 companies went public, raising $44 billion according to Renaissance Capital data.

The AI boom has fundamentally changed startup funding strategies, as these companies require far more capital than previous generations to pay for data centers and cloud computing infrastructure. OpenAI has raised more than $60 billion in funding, breaking private funding records, while Anthropic has raised at least $40 billion and is in talks for an additional $10 billion.

Financial Performance and Spending

The companies have demonstrated remarkable growth rates, though they also face substantial spending requirements:

OpenAI Financial Metrics:

• Hit $13 billion in revenue last year
• Expects to triple revenue this year
• Plans to spend $115 billion between 2025 and 2029

Anthropic Performance:

• Reached a monthly pace for $8 billion to $10 billion in annual revenue last year
• Primarily sells AI software to businesses
• CEO Dario Amodei confirmed the revenue figures in December

Market Impact and Wealth Creation

According to research firm Sacra, the public listings of these three companies could create more than 16,000 millionaires. This estimate is based on the companies' valuations, stock option practices, and numbers of current and former employees. Such widespread wealth creation would accelerate Silicon Valley's cycle of successful startup employees funding the next generation of companies.

Industry Perspectives

Eddie Molloy, global co-head of equity capital markets at Morgan Stanley, noted the potential for "unprecedented IPO deal sizes," expressing confidence in their executability given the companies' scale and investor interest. Jeremy Abelson from Irving Investors emphasized the unprecedented nature of these companies, stating he hasn't "seen private companies that are this meaningful and impactful" in two decades.

However, skepticism exists among some investors. Paul Wick from Seligman Investments expressed concerns about the AI companies' business models, noting their high cash burn rates and constant need for additional funding, contrasting them unfavorably with historically profitable tech IPOs like Facebook and Google.

Timeline and Market Conditions

While 2026 appears to be the target year, various factors could affect timing, including market volatility, geopolitical risks, or uncertainty around midterm elections. Both Anthropic and OpenAI are described as being very early in the IPO process, while SpaceX has made more concrete progress toward a public offering.