Three AI startups are planning IPOs: Anthropic leads in profitability and revenue growth, while SpaceX bets on data centers and OpenAI lags in profitability despite its large user base.

What happened

SpaceX has debuted with a $2 trillion（約320兆円） market cap. Anthropic is expected to generate $10.9 billion（約1.7兆円） in quarterly revenue (close to $45 billion（約7.2兆円） annualized) and is reportedly already profitable. OpenAI's annualized revenue was reported at $25 billion（約4兆円） but has posted an operating margin of negative 122%, while SpaceX posted an operating loss of $2.6 billion（約4200億円） last year.

Why it matters

Investors comparing these three companies face very different financial profiles. Anthropic appears to have grown to near-$100 billion（約16兆円） revenue scale while remaining profitable—potentially the fastest path from founding to $100 billion（約16兆円） in revenue in history. By contrast, OpenAI is significantly unprofitable despite leading in consumer AI, and SpaceX's massive valuation rests on unproven revenue from future AI data center ambitions rather than current earnings.

What to watch

SpaceX has already signed deals worth $26 billion（約4.2兆円） a year with Anthropic and Alphabet for AI data center services, but either company can cancel at any time. The company's actual revenue was only $18 billion（約2.9兆円） in 2025, with Starlink accounting for $11.4 billion（約1.8兆円） and growing 50% year over year. Whether SpaceX can scale its orbital data centers and AI computing services to justify its current valuation will shape investor returns.