Three private AI companies—SpaceX, OpenAI, and Anthropic—are expected to pursue IPOs and potentially join the $1 trillion market-cap club.

SpaceX has confidentially filed its prospectus with the Securities and Exchange Commission and reportedly hired more than 20 banks to carry out what could be the largest IPO ever, with reports suggesting it could raise as much as $75 trillion at a valuation of as much as $2 trillion.

OpenAI recently closed a $122 billion financing round and is expected to burn through this cash in three years due to infrastructure commitments; reports indicate the company could raise another $100 billion in an IPO, valuing it at $1 trillion or more, with expectations to be profitable in 2030 and generate $275 billion in revenue.

Anthropic is on a $30 billion annualized revenue run rate, with its Claude Cowork app surpassing ChatGPT to claim the No. 1 ranking in Apple's app store in March; its private-market valuation has reportedly surpassed $1 trillion on some trading platforms.