SpaceX and Anthropic prepare for trillion-dollar IPOs in 2026, with shares expected to begin trading before year-end

SpaceX shares are expected to start trading on June 12 at a valuation of about $1.77 trillion, while Anthropic has recently filed a confidential S-1 and is expected to go public within a few months. OpenAI is also anticipated to go public before the end of the year, with all three companies potentially raising $240 billion at a combined valuation of more than $4 trillion.

SpaceX operates three distinct businesses: Starlink (satellite internet), a rocket launch business with near-monopoly on heavier launches, and xAI (including Grok AI tools and the X platform). Anthropic is a software business centered on its Claude family of AI models used by enterprises, developers, and individuals. SpaceX produced about $18.7 billion in revenue in 2025 (up 33% year-over-year) but had a $4.9 billion net loss; Anthropic's revenue run rate grew from $9 billion at the start of 2026 to $47 billion.

SpaceX will trade for about 94 times sales based on its $1.75 trillion valuation, described as a level never seen with any trillion-dollar companies in the market. Anthropic, at a $1.2 trillion valuation, would trade for about 25 times sales despite having significantly higher revenue growth, making it appear more defensible by actual business momentum rather than potential future growth narratives.