Anthropic, OpenAI, and SpaceX are heading to public markets in the same window, marking a shift away from traditional FAANG dominance and creating a stress test for investors and valuations in 2026.

What happened: A new group of AI and space companies—Anthropic, OpenAI, and SpaceX among them—are preparing to go public around the same time, replacing the traditional FAANG (Facebook, Apple, Amazon, Netflix, Google) as the focal point of the tech IPO market.

Why it matters: This concentration of major tech IPOs in a single window tests both investor appetite and the ability of public markets to handle multiple large offerings simultaneously, while also raising questions about what valuations and business models these newly public companies will support.

What to watch: The hosts of TechCrunch's Equity podcast break down what this IPO moment means beyond headline numbers and who stands to benefit, suggesting the broader implications extend beyond the companies themselves to how the market values AI infrastructure and space companies going forward.