SpaceX completed a record stock market debut this week, leaving investors to weigh whether artificial intelligence labs OpenAI and Anthropic can outshine it once they list.
Key Points:
- SpaceX priced its IPO at $135 a share, valuing the rocket maker near $1.77 trillion.
- OpenAI and Anthropic have filed confidential drafts but set no dates, tickers or prices.
- The three offerings could pull roughly $200 billion from public markets in 2026.
SpaceX Sets $1.77 Trillion Mark
SpaceX priced its offering at a fixed $135 a share for 555.6 million shares, according to market reports, and began trading on the Nasdaq under the ticker SPCX. The roughly $75 billion raise values the company near $1.77 trillion, well above the $780 billion that some analysts had called fair. That figure ranks as the largest U.S. listing on record.
OpenAI and Anthropic took the opposite path on disclosure, each submitting a confidential draft registration in early June that signals intent without locking in a date, ticker or price. Anthropic announced its draft on Jun. 1, days after closing a $65 billion round at a $965 billion valuation, with OpenAI following a week later.
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Pure-Play AI Lures Demand
The case for the labs rests on what investors cannot yet buy.
For years, money managers reached AI through proxies like chipmakers and cloud platforms, and a direct stake in a frontier lab would unlock demand from the roughly $8 trillion parked in U.S. money market funds. Anthropic reported a $47 billion revenue run rate in May, while OpenAI carried an $852 billion valuation after closing a $122 billion funding round in March.
Supporters argue these are real businesses, not hollow promises, since subscriptions and enterprise contracts already produce steady cash. Revenue, not promise, is the difference.
Supply Raises Red Flags
Skeptics see a flood of stock rather than a windfall. Capital Economics estimates that wider free floats could push about $750 billion in fresh equity onto the market, and it found that issuance surges have tracked the late stages of past booms. Only 4% to 5% trades at launch, capping early index weight.
Commentators have also cautioned](https://www.bloomberg.com/opinion/articles/2026-06-12/spacex-anthropic-openai-ipos-are-a-red-flag-for-stock-market-s-future) that absorbing three giant listings in quick succession is rare for any market. SpaceX adds a wrinkle, since it ranks as AI-adjacent rather than a pure lab, with rockets, satellites and Starlink driving most of its $18.7 billion in 2025 revenue and artificial intelligence arriving only through its xAI purchase.
Recent history shows how strong the pull has been. Cerebras, an AI chipmaker, opened about 89% above its offer price in its May debut. That reception set the tone for the listings now lined up behind it, in what could become a record year for U.S. IPOs, with the three deals alone capable of drawing about $200 billion.
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