The next wave of US technology initial public offerings (IPOs) could eclipse the entire public listings market witnessed last year.
The three most valuable private US tech companies, OpenAI, SpaceX and Anthropic, are actively preparing for public offerings as early as this year, with combined proceeds expected to reach tens of billions of dollars, the Financial Times reports.
The scale of these potential listings is unprecedented. Together, the three companies could raise more capital than the roughly 200 US IPOs completed in 2025, reshaping expectations for public market activity and underwriting revenue.
OpenAI, currently valued at about $500 billion, is expected to reach $830 billion by the end of March. Sources familiar with the talks say the company is likely to raise tens of billions of dollars, positioning it for eventual public markets while it continues to expand its AI infrastructure and products.
SpaceX is simultaneously preparing a large secondary share sale that would value the company at approximately $800 billion. Executives have told investors that a public listing is expected within the next 12 months unless a major market disruption occurs. The company has historically relied on private funding and secondary transactions but is now signaling a clearer path toward an IPO.
Last month, billionaire Bill Ackman proposed an alternative IPO path to Elon Musk, where SpaceX would merge with Pershing Square SPARC Holdings to do away with underwriting fees, founder stock and dilutive warrants.
Anthropic is also advancing preparations. Investors expect new funding discussions to value the company at $300 billion. The AI lab has appointed Wilson Sonsini as legal counsel to begin formal IPO groundwork, while also strengthening its governance and executive team in anticipation of public scrutiny.
Both OpenAI and Anthropic have spent the past year recruiting executives with experience running listed companies, tightening governance structures, and bringing in large public-market investors. These moves suggest deliberate positioning rather than urgency, allowing each firm to time a listing based on market conditions.
OpenAI declined to comment on the matter, while SpaceX did not respond to requests for comment.
If completed, the IPOs would mark one of the largest transfers of private AI and aerospace valuations into public markets in history, potentially redefining benchmarks for scale, liquidity, and investor appetite in the next cycle.
Disclaimer: Opinions expressed at CapitalAI Daily are not investment advice. Investors should do their own due diligence before making any decisions involving securities, cryptocurrencies, or digital assets. Your transfers and trades are at your own risk, and any losses you may incur are your responsibility. CapitalAI Daily does not recommend the buying or selling of any assets, nor is CapitalAI Daily an investment advisor. See our Editorial Standards and Terms of Use.