SpaceX's record $85.7 billion（約14兆円） IPO and rapid post-listing gains suggest investors are willing to pay premium valuations for transformative companies, setting a precedent that may favor OpenAI and Anthropic as they prepare to go public.

What happened: SpaceX priced its shares at $135 and raised $85.7 billion（約14兆円） in the largest IPO of all time. The stock opened at about $150 on the Nasdaq and gained 17% on its first trading day, briefly pushing the company's market capitalization above $2.1 trillion（約340兆円）. The stock has since exhibited sustained upward momentum rather than the typical post-IPO sell-off volatility.

Why it matters: The enthusiastic reception reflects that growth investors are willing to pay a premium for access to companies offering fresh growth narratives outside the largest established technology platforms. SpaceX's private-market valuations—$800 billion（約130兆円） in December and $1.5 trillion（約240兆円） days before the IPO—have not compressed upon listing but instead expanded further in public markets, suggesting that strong private valuations can serve as a floor for further upside when investor demand remains robust.

What to watch: OpenAI and Anthropic, which have recently filed confidential S-1s with the SEC and already secured private valuations approaching $1 trillion（約160兆円） through large-scale funding rounds, are positioned to benefit from this investor appetite for companies developing frontier technologies. The SpaceX precedent suggests their listings will be met with significant interest rather than skepticism, and may sustain or exceed their respective private-market valuations.