SpaceX, OpenAI, and Anthropic are all preparing mega-IPOs this year, but an analyst warns that investors should avoid all three despite the AI boom.

What happened: SpaceX is going public with a $75 billion（約12兆円） raise at a $1.77 trillion（約280兆円） valuation. OpenAI and Anthropic, the two leading AI companies behind ChatGPT and Claude, have begun filing paperwork to go public this year, each with market values at just under $1 trillion（約160兆円）.

Why it matters: OpenAI's annualized revenue reached $25 billion（約4兆円） earlier this year, while Anthropic's is expected to reach a $50 billion（約8兆円） run rate by the second quarter. However, SpaceX trades at a price-to-sales ratio of 93, and most IPO stocks underperform the market when they debut at high valuations. The AI field remains highly uncertain, with many competitors vying for dominance in an industry that did not exist five years ago.

What to watch: SpaceX's valuation of $1.77 trillion（約280兆円） is difficult to justify given the engineering challenges ahead and years required to realize Elon Musk's vision. OpenAI and Anthropic's exact IPO prices remain unknown, but if they debut at valuations similar to SpaceX, investors may face disappointment in the years ahead.