SpaceX has launched its initial public offering (IPO), raising $75 billion and pushing its market capitalization to over $2.1 trillion. This significant financial milestone, combined with the recent listing of Cerebras Systems, has set the stage for a potential wave of public offerings in the technology sector. The IPO underscores the robust investor appetite for high-growth technology companies and could encourage other private firms to pursue listings.

Anthropic and OpenAI prepare for listings

Anthropic and OpenAI are among the most-watched companies preparing for public debuts. Both have filed confidential papers for their listings. OpenAI recently raised funds from companies like Nvidia and Softbank at a $850 billion valuation, while Anthropic secured funding at a $900 billion valuation. Polymarket traders predict these companies could cross $1 trillion valuations post-IPO due to strong revenue growth and market share in the artificial intelligence industry.

Anthropic has gained significant attention this year with product launches including Mythos and Fable. Its second-quarter revenue is expected to more than double to over $10 billion, with projections indicating it will turn a profit. The following table summarizes key financial details for these AI leaders:

Anduril targets defense sector growth

Anduril, operating at the intersection of artificial intelligence and defense, has raised over $11.6 billion from venture capital firms. A recent $5 billion fundraising round led by Thrive Global and Andresseen Horowitz valued the company at over $61 billion. While an IPO timeline is unconfirmed, analysts expect a listing in the next few years.

The company is benefiting from increased defense spending, with a request for $1.5 trillion from Congress. Anduril has invested in drone technology and received major orders, including a $20 billion contract from the US Army. It is also a key participant in the Golden Dome project.

Databricks and Stripe eye public markets

Databricks has emerged as a fast-growing technology company, having raised $20 billion. It is currently raising funds at a valuation between $165 billion and $175 billion. As a top competitor to Oracle, Databricks runs a data warehouse platform popular among corporates.

Stripe, a major fintech company, has raised $8.73 billion and reached a valuation exceeding $150 billion. Management has considered acquiring PayPal. Although Stripe has not confirmed an IPO date, its establishment in 2010 and history of venture capital funding suggest a public offering could be imminent. Other potential IPO candidates include Blue Origin, Figure AI, Revolut, and Kraken, with Kraken having already launched its papers.

SpaceX shares surged 19.22% on their first trading day to close at $160.95, pushing the company's market capitalization past $2 trillion. The debut on Nasdaq triggered record-breaking traffic on Robinhood, causing intermittent latency issues for some customers before the platform recovered. The financial technology company confirmed the disruptions via an X post, noting that essential systems were restored and teams were monitoring the situation closely.

The market euphoria surrounding the SpaceX listing lifted related equities, including Powerlaw Corp., a closed-end fund holding SpaceX as its largest position at roughly 19% of its net assets. Powerlaw shares surged in pre-market trading following the debut. Analysts suggest the landmark listing could accelerate AI equity offerings, with companies like Anthropic potentially speeding up their IPO timelines and major tech firms using favorable conditions to fund AI buildouts.

Analysts Have Mixed Opinions on SpaceX Stock

The company has attracted mixed opinions, with some analysts predicting that it will keep soaring in the long-term. Goldman Sachs predicted that its revenue will jump by 100x by 2030. Other bulls cite its large total addressable markets in key areas like launch, broadband internet, and AI.

However, Morningstar argued that the company was increasingly overvalued, estimating that the stock's real value was below $1 trillion. Jim Chanos, the famed short-seller, warned that the elevated valuation made no sense, pointing to its losses and its 2025 revenue of $18 billion.

Why SPCX Stock May Drop After the IPO

There are several reasons why the SpaceX stock will retreat in the coming weeks or months. First, the hype surrounding its IPO will fade as investors embrace the new normal and start focusing on the upcoming OpenAI and Anthropic IPOs. Second, history shows that over 90% of all newly listed companies surge after their IPOs and then pull back as investors book profits. A good example of this is Meta Platforms, which jumped from $25 to $45 shortly after its IPO, then dropped to $17 within weeks before starting its recovery.

Most recently, Circle Internet Group made headlines when it jumped from $64 to $300 within days. After a few months, the stock plunged to a low of $49.35 as the post-IPO gains faded. Figma stock soared from $84 to $142, and then dropped to below $20. As such, despite its popularity, there is a likelihood that the SPCX stock will pull back as investors start booking profits.

Further, the company is losing billions of dollars because of its AI business, which it gained by merging with xAI. Its most recent results showed that it suffered a net loss of over $4.2 billion in the first quarter of this year. It suffered a $4.9 billion loss last year. The company, together with Tesla, is spending over $119 billion on Terafab, a giant plant to manufacture chips. This spending will likely affect its profitability in the coming years and may push it to raise cash through at-the-market (ATM) offerings.

The other reason it may drop is that its tiered lock-up expiry will happen after 180 days. This expiration makes it possible for insiders to start selling their shares. In most cases, stocks often retreat ahead of the expiration date.