SpaceX, OpenAI and Anthropic expected to go public this year, but will investors pay?

SpaceX, OpenAI and Anthropic are widely expected to seek public listings this year; recent secondary sales placed SpaceX at about $800 billion and OpenAI at about $500 billion, and analysts say investor appetite for those valuations is uncertain.

SpaceX, OpenAI and Anthropic are widely expected to pursue public listings this year. Recent private secondary sales placed SpaceX at about $800 billion and OpenAI at about $500 billion, with Anthropic receiving up to $350 billion in a November funding round. Analysts say these potential IPOs reflect a shift from long private life toward public fundraising to support big AI and infrastructure investments. Market commentators are divided over whether public investors will accept the private valuations. Key details: - The article mentions SpaceX reached an $800 billion valuation in a December secondary sale, according to a shareholder letter reviewed by Reuters. - The article mentions OpenAI completed a secondary share sale valuing it at $500 billion in October and is rumored to be targeting a $1 trillion public valuation. - The article mentions Anthropic was valued at up to $350 billion in a November round backed by Microsoft and Nvidia. - Analysts quoted describe any listings on this scale as a major market event and say they signal a material change from the trend of companies staying private longer. - Observers note concerns about a possible valuation gap, governance and control questions, the path to profitability outside enterprise deals, and the sector's large compute costs. - The article notes SpaceX's public valuation prospects are linked to Starlink's recurring revenues and Starship performance, while AI firm IPOs could influence investor sentiment toward other AI companies. Summary: If these companies list at the reported private valuations, the IPOs would rank among the largest ever and could establish new benchmarks for the sector. Market watchers say the listings will test public appetite and post-listing price performance, and the timing and final terms of any offerings are undetermined at this time.