SpaceX, Anthropic, and OpenAI are moving to public markets with a combined expected value exceeding $4 trillion（約640兆円）—more than all U.S. venture-backed exits since 2000. The three companies' IPOs reflect a shift toward companies staying private longer and the massive capital requirements of AI training, which has inflated valuations far beyond prior tech milestones.
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SpaceX has gone public at a $1.77 trillion（約280兆円） valuation, with Anthropic and OpenAI also moving toward public markets. Together, these three companies are expected to generate more than $4 trillion（約640兆円） in value—exceeding the combined value of all U.S. venture-backed IPO exits since 2000.
Why it matters
A report from NCVA-Pitchbook notes that these pending exits will generate more value than all U.S. VC-backed exits since 2000, a period that included major IPOs from Google, Tesla, and Meta. The scale reflects both companies staying private longer and the capital-intensive nature of AI training, which has inflated valuations and pushed labs into intense fundraising.
What to watch
For context, last year's U.S. IPO proceeds totaled just $70 billion（約11兆円）. Uber's $84 billion（約13兆円） IPO in 2019 represented less than 5% of what SpaceX alone has raised, signaling unprecedented scale in public markets.
The convergence of SpaceX, Anthropic, and OpenAI toward public markets marks a historic inflection in tech finance. Historically, the venture-backed IPO market has been defined by companies like Google (2004), Tesla (2010), and Meta (2012), along with acquisitions such as LinkedIn, Slack, and WhatsApp for more than $20 billion（約3.2兆円） each. Yet the combined valuation of just these three AI and aerospace companies dwarfs that entire 25-year record. The body attributes this shift to two structural changes: companies remaining private significantly longer before going public, and the extraordinary capital demands of AI training, which have forced labs to pursue aggressive fundraising rounds that inflate their private valuations.
The scale itself poses practical consequences. The report notes that public offerings of this magnitude are already pushing "the financial infrastructure to its limit." Uber's $84 billion（約13兆円） IPO in 2019, which seemed historic at the time, now represents less than 5% of SpaceX's public market entry alone. This represents a material change in how capital flows through the tech ecosystem and what valuations the public markets are absorbing, distinct from the "hot IPO summer" narrative that often dominates headlines.
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