SpaceX’s IPO landed with a staggering $1.77 trillion valuation. That alone eclipses nearly every tech exit of the past 25 years.
Now add Anthropic and OpenAI to the mix. Together, all three could top $4 trillion in combined value. That’s not just big. It’s historic.
Last year, the U.S. Securities and Exchange Commission counted $70 billion in IPO proceeds across the country. SpaceX’s IPO dwarfs that by 25 times.
To put it bluntly, Uber’s $84 billion IPO in 2019 is less than 5 percent of SpaceX’s market debut. LinkedIn, Slack, and WhatsApp—each acquired for over $20 billion—look like pocket change compared to these valuations.
Companies now delay IPOs, staying private longer to build sky-high valuations. AI’s capital demands push labs into deep fundraising rounds. Running cutting-edge AI models costs billions in hardware and electricity. That drives valuations into the stratosphere.
Anthropic’s revenue run rate paints a vivid picture. It jumped from $4 billion in July 2025 to $9 billion just months later. By late 2024, it surpassed $30 billion, and by May 2026, it hit $47 billion. These numbers are not typical—they are explosive.
OpenAI and Anthropic have both filed their S1 documents, signaling IPO intentions. But the plan shifted. CEO Sam Altman and Anthropic’s leadership decided now is not the right moment. They want to maximize the payoff.
SpaceX’s rocket tech and AI blend attracted feverish investor appetite. Its shares soared from a $135 IPO price past $200, before settling somewhat. That spike alone shows how hyped these companies are.
Execution risk remains the largest threat. If these firms stumble on their business plans, valuations could fall fast. But both OpenAI and Anthropic have strong infrastructure ties and brands established as AI leaders.
Sierra, Glean, Gusto, and Clio show how AI startups scale ARR. Sierra hit $100 million in annual recurring revenue (ARR) in seven quarters, then added another $100 million in two. Glean doubled ARR from $100 million to $200 million in nine months, then reached $300 million six months later. Gusto’s revenue topped $1 billion trailing 12 months by May 2026. Clio doubled from $200 million to $500 million ARR between mid-2024 and late 2025.
All signs point to a capital flood into AI. Private markets are fueling this growth, betting on AI’s vast potential. If even a fraction of AI’s promise materializes, these companies will dominate the next tech era.
SpaceX, OpenAI, and Anthropic are rewriting the playbook. Their IPOs won’t just generate cash. They will surpass all U.S. VC-backed exits since 2000 combined. That’s not hype. It’s math.
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