Using publicly available analyst estimates, investor disclosures, and media reporting, compile the best public estimates for the…

SpaceX is targeting the largest IPO in history by a wide margin, with a $1.75 trillion valuation and $75 billion all-primary raise (roughly 4.3% float) slated for a mid-June 2026 Nasdaq debut.[1][2]

This dwarfs the prior record (Saudi Aramco’s ~$25.6–29.4 billion in 2019) and reflects Starlink’s cash generation plus ambitions in reusable rockets and broader space infrastructure, even as non-Starlink segments remain unprofitable.[3][4]

• Reuters and Bloomberg reporting (early June 2026) consistently cite the $1.75 trillion target (some earlier ranges extended above $2 trillion), with pricing fixed at $135 per share for ~555.6 million new shares.[1][2]
• The all-primary structure directs all proceeds to the company (post-xAI merger in February 2026, which contributed to a $1.25 trillion combined private valuation).[5]
• 2025 revenue was $18.67 billion (S-1 audited), with Starlink driving the majority; the company posted significant net losses.[4]
• Dual-class shares will concentrate control with Elon Musk and insiders.

For a competitor or new entrant, this sets an extraordinarily high bar for capital access and signals that public markets can absorb massive primary issuance from a single high-growth infrastructure/AI-adjacent name, provided the narrative (Starship, Starlink scale) holds.

OpenAI is positioning for a ~$1 trillion IPO valuation with potential proceeds of $60 billion or more, likely in late 2026 or 2027, building on its March 2026 private valuation of $852 billion.[6][7]

The company has filed confidential S-1 paperwork and is advancing despite ongoing losses (projected ~$14 billion in 2026) and a heavy reliance on Microsoft infrastructure partnerships. Revenue reached an estimated $13.1 billion (full-year) with a higher annualized run rate.[4]

• Preliminary discussions (Reuters, October 2025, with updates into 2026) outlined raising at least $60 billion at the low end, potentially more at a $1 trillion target.[6]
• Valuation has climbed rapidly from earlier rounds; IPO pricing could test or exceed the latest private mark.
• Breakeven is not expected before 2029–2030 amid heavy capex and R&D.

This implies AI leaders can command trillion-dollar public valuations on revenue multiples of 50–70x+ forward estimates, but sustained losses and governance (nonprofit elements, Microsoft ties) will require strong execution and market sentiment to clear the deal size.

Anthropic has confidentially filed for an IPO after surging to a $965 billion post-money valuation in late May 2026 (via a $65 billion raise), positioning it ahead of OpenAI in private-market value and targeting a comparable ~$900 billion–$1 trillion public valuation with ~$60 billion in expected proceeds.[8][9]

The company (Claude models) has seen valuation more than double since a February 2026 $380 billion round and is racing to list potentially as early as fall 2026.[10]

• Revenue run rate has accelerated sharply (estimates ~$44–47 billion annualized by mid-2026).[11]
• Estimates align with OpenAI on raise size (~$60 billion) and timeline (Q4 2026 or later).[11]
• Recent funding drew major investors (e.g., Altimeter, Sequoia, Blackstone).

For market participants, Anthropic’s trajectory shows how quickly private AI valuations can re-rate on revenue momentum, but IPO success will hinge on demonstrating path to profitability and differentiating against OpenAI in a crowded field.

Combined, the three deals could raise ~$195 billion (SpaceX $75B + ~$60B each for OpenAI/Anthropic), assuming similar ~4–5% primary floats.[12]

This would represent a massive capital absorption event. One analysis (assuming 5% float on midpoint valuations) projected a combined ~$200 billion raise—exceeding total U.S. IPO proceeds from deals >$50 million market cap between 2022 and Q1 2026.[12]

Historical context and absorption implications:

• Record single IPO: Saudi Aramco (~$25.6–29.4 billion, 2019); Alibaba (~$21.8–25 billion, 2014). SpaceX alone would be ~2.5–3× larger.[3][13]
• Recent U.S. annual totals (Renaissance Capital, traditional IPOs ≥$50M market cap, excluding SPACs/closed-end funds): ~$29.6 billion (2024), ~$44 billion (2025).[14][15]
• Peak year: 2021 (~$142 billion). These three deals could approach or exceed a full year’s typical volume in isolation.[16]

Implications for capital markets: The pipeline tests absorption capacity in a high-valuation environment. Small floats limit immediate supply but could create scarcity-driven pops followed by lockup overhang. Success would validate trillion-dollar AI/space narratives publicly; any shortfall could pressure broader tech valuations. New entrants would face intense competition for investor attention and capital, favoring those with proven revenue or clearer profitability paths. Data reflects June 2026 reporting; final terms (pricing, exact floats, timing) remain subject to market conditions and regulatory review.

---

Recent Findings Supplement (June 2026)

SpaceX has released the most concrete recent IPO details (June 2026 filings and reporting), targeting a record ~$75 billion all-primary raise at a fixed $135/share price and ~$1.75–1.77 trillion valuation.[1][2][3]

• The offering involves 555.6 million shares (plus a greenshoe for up to ~83.3 million more shares, potentially adding ~$11 billion), making it the largest IPO by proceeds ever—more than double Saudi Aramco’s prior record of ~$29 billion (2019).[4]
• Post-offering, Elon Musk would retain over 82% voting control. The valuation assumes certain transactions (e.g., EchoStar spectrum) close and would rank SpaceX among the top U.S. companies by market cap.[1]
• Earlier 2026 reports had targeted higher valuations (> $2 trillion); the June pricing reflects a modest downward adjustment from prior roadshow expectations.[5]

These figures contextualize capital absorption: a $75 billion primary raise would represent an outsized single-event inflow relative to typical annual U.S. IPO volumes, though specific 2025–2026 total equity issuance data was not newly reported in the reviewed sources.

OpenAI is advancing IPO preparations without new valuation or size disclosures. As of mid-May 2026, the company was preparing a confidential S-1 draft filing (potentially imminent at the time, working with Goldman Sachs and Morgan Stanley), with a goal of being ready to go public as early as September 2026. Plans remain fluid.[6][7] Prior private funding had implied valuations around $830 billion (late 2025), with some speculation of a potential $1 trillion+ IPO target, but no updated analyst or disclosure-based estimates appeared in post-December 2025 reporting.

Anthropic confidentially filed a draft S-1 on or around June 1, 2026, positioning it to potentially IPO in fall 2026 or later, depending on market conditions.[8][9]

• Just days earlier (May 28, 2026), it closed a $65 billion Series H round at a $965 billion post-money valuation, led by Altimeter, Dragoneer, Greenoaks, and Sequoia; run-rate revenue had crossed $47 billion.[10]
• No IPO-specific proceeds, float, or listing valuation estimates have been disclosed; the filing gives the company the option to proceed after SEC review.[9]

Overall, SpaceX provides the only detailed, actionable new IPO parameters (proceeds, pricing, share count, and near-term timeline), while OpenAI and Anthropic updates center on filing timelines and private-market valuations that could inform eventual public pricing. No new comparative data on total annual U.S. equity issuance volumes or updated historical benchmarks beyond SpaceX’s record status emerged in the most recent sources. All figures derive from SEC-related filings, company announcements, and contemporaneous reporting from May–June 2026.