OpenAI & Anthropic Secret IPOs: A Historic 2026 for Markets?

 

Something unprecedented is happening in global capital markets. SpaceX, OpenAI, and Anthropic — three companies that have reshaped humanity's understanding of space, language, and intelligence — are racing toward public markets at the same time. Goldman Sachs projects that U.S. IPO proceeds in 2026 will quadruple to a record $160 billion. If all three listings land as planned, the combined fundraising could blow past even that. Here is what is at stake, who the players are, and what it means for investors.

 

 

SpaceX filed its public S-1 on May 20, 2026, targeting a $1.75 trillion valuation and a $75 billion raise under the ticker SPCX on Nasdaq — which would shatter every IPO fundraising record in history

 

Anthropic confidentially filed its S-1 on June 1, 2026, at a $965 billion valuation, targeting a Nasdaq or NYSE listing as early as October 2026

 

OpenAI confidentially filed its S-1 on June 8–9, 2026, with Goldman Sachs and Morgan Stanley as lead underwriters and a target valuation near $1 trillion

 

Goldman Sachs forecasts 2026 U.S. IPO proceeds will reach $160 billion, the largest on record and four times the 2025 total

 

 

Of the three, SpaceX moved fastest.

 

SpaceX filed its public S-1 on May 20, 2026 and an amended S-1/A on June 1. According to Reuters, the company plans to price at $135 per share, sell 555.6 million shares, and raise $75 billion at a $1.75 trillion valuation. On June 11, 2026, NPR confirmed that SpaceX completed its pricing at exactly those terms — making it the largest IPO by capital raised in history, more than doubling Saudi Aramco's previous record of roughly $25.6 billion.

 

The valuation story has two engines. Starlink, SpaceX's satellite internet service, generates the company's core profits. xAI, which SpaceX acquired in February 2026 in a deal valuing the combined entity at $1.25 trillion, adds AI infrastructure and Grok's distribution. Morningstar notes that Starlink profits are effectively subsidizing xAI's heavy infrastructure spending — a dynamic that will determine whether post-IPO margins improve or worsen. SpaceX posted $18.7 billion in 2025 revenue, up 33% year over year, but recorded a $4.94 billion net loss after xAI consolidation.

 

 

Anthropic made a bold move by edging ahead of OpenAI in what has become a very public race to market.

 

Fortune reported that the maker of Claude submitted confidential IPO paperwork to the SEC on June 1, 2026 — days before OpenAI. The filing came four days after Anthropic closed a $65 billion Series H at a $965 billion valuation, briefly surpassing OpenAI in private market value for the first time.

 

The financial trajectory is striking. TechStackIPO data shows Anthropic's annualized revenue run-rate grew from roughly $9 billion in January 2026 to $47 billion in May 2026 — a fivefold increase in five months. Perhaps more significantly, IG notes that the company expects to report its first-ever operating profit of approximately $559 million in Q2 2026, making it the first major AI lab to reach profitability at this scale.

 

A listing is expected as early as October 2026. If it prices near $1 trillion, Anthropic would become the first AI company ever to debut at that valuation.

 

 

OpenAI is arguably the biggest name in the room, even if it filed last.

 

Crypto Briefing reported that OpenAI filed its confidential S-1 with the SEC on June 8–9, 2026, with Goldman Sachs and Morgan Stanley as lead underwriters and JPMorgan also involved. The target listing window runs from September through Q4 2026, with a valuation hovering around $1 trillion.

 

Revenue growth has been extraordinary. CMC Markets cites annualized revenue climbing from roughly $2 billion at end-2023, to $6 billion in 2024, to over $20 billion by end-2025. Deutsche Bank Research estimates the current monthly run-rate implies roughly $30 billion annualized. But OpenAI remains deeply unprofitable — internal projections cited by Euronews suggest losses of $14 billion in 2026 alone, as compute obligations and infrastructure commitments continue to scale. One notable feature of the planned offering: a dedicated retail investor allocation, which is uncommon for IPOs of this scale.

 

 

The confluence of these three offerings — assuming they all land — would rewrite the record books.

 

Goldman Sachs projected in February that 2026 U.S. IPO proceeds would reach $160 billion, quadrupling the 2025 total of roughly $45 billion. That forecast was built on the assumption that SpaceX, OpenAI, and Anthropic all list. SpaceX alone just raised $75 billion; if OpenAI and Anthropic raise another $60–80 billion combined, total proceeds will far exceed even Goldman's high-end scenario of $200 billion.

 

For context: 2021 — the previous boom year — saw roughly $156 billion in total U.S. IPO proceeds. The 2026 vintage is on track to exceed that by a wide margin.

 

The structural risks are real and worth watching. INDmoney analysts point out that money flowing into these listings has to come from somewhere — likely from existing Magnificent 7 positions, which could create headwinds for current large-cap tech holdings. Additionally, all three companies carry elevated valuations anchored to aggressive growth assumptions; any moderation in revenue trajectories or a deterioration in macro conditions could pressure post-IPO pricing meaningfully.

 

On MEXC, investors can already access tokenized stock products linked to major technology companies, providing exposure to related market trends without waiting for individual IPO dates.

 

 

 

The concentration of high-profile listings in mid-to-late 2026 is not accidental. These are deliberate window decisions.

 

SpaceX timed its June pricing to land ahead of the next Federal Reserve decision cycle, sidestepping near-term rate uncertainty. Anthropic's choice to file before OpenAI was strategically sound: by establishing itself as the first AI-native company to reach public markets, it captures the narrative premium and allows institutions to price frontier AI publicly before OpenAI commits to its own range. OpenAI, filing days later, benefits from observing institutional reaction to Anthropic's prospectus before locking in its own valuation anchor.

 

From a crypto market perspective, this IPO wave is not disconnected from digital assets. SpaceX holds approximately 8,285 BTC. Once listed and potentially included in major indices, passive funds will carry indirect Bitcoin exposure by default — a structural demand signal that functions independently of short-term sentiment. More broadly, the blurring of the line between "traditional tech equity" and "AI/digital asset" continues to accelerate. These trillion-dollar listings will reshape how institutional capital categorizes technology risk, with downstream implications for the narrative environment in crypto markets.

 

The caution we would flag for investors: all three companies currently trade at valuations that price in significant execution on growth projections that remain unproven at public-market scale. The gap between private-market optimism and public-market accountability will be tested in real time. The period between IPO pricing and the first post-lockup earnings report will be the highest-information window for anyone holding these names. Watch it closely.

 

 

 

Yes. SpaceX completed its IPO on June 11, 2026, pricing at $135 per share, raising $75 billion at a $1.75 trillion valuation under the ticker SPCX on Nasdaq — the largest IPO by capital raised in history.

 

 

Anthropic filed its confidential S-1 on June 1, 2026 and is targeting a listing as early as October 2026. OpenAI filed its confidential S-1 on June 8–9, 2026, with a target window of September through Q4 2026. Neither company has set a firm date or disclosed pricing.

 

 

Anthropic is the most advanced toward profitability, expecting its first operating profit in Q2 2026. SpaceX's legacy space and connectivity business is profitable, but the xAI segment pushed the company into a net loss of $4.94 billion for 2025. OpenAI remains deeply loss-making, with 2026 losses projected at roughly $14 billion.

 

 

Indirectly, yes. SpaceX holds approximately 8,285 BTC. If SPCX is included in major indices, passive funds will hold indirect Bitcoin exposure. Beyond that, the broader AI investment narrative that these listings reinforce tends to correlate positively with risk appetite in digital asset markets.

 

 

OpenAI has indicated it plans to include a dedicated retail allocation in its offering, which is unusual for a deal of this size. Details on how retail access will be structured have not yet been disclosed. Investors looking for more immediate exposure to tech sector trends can explore options on MEXC.

 

 

If SpaceX ($75B), OpenAI, and Anthropic all list in 2026, combined fundraising could exceed $200 billion — surpassing Goldman Sachs's $160 billion full-year forecast and more than quadrupling the entire U.S. IPO market's 2025 total of roughly $45 billion.

 

 

This article is produced by the MEXC Crypto Pulse team for informational purposes only and does not constitute investment advice, a solicitation, or an offer to buy or sell any security or digital asset. Investing in equities, IPOs, and cryptocurrencies involves substantial risk, including the potential loss of principal. Valuations, financial figures, and listing timelines referenced in this article are sourced from publicly available media reports and may change materially before any actual listing. Past performance is not indicative of future results. Readers should conduct their own independent research and consult a licensed financial advisor before making any investment decisions.

 

 

This article was produced by the MEXC Crypto Pulse team — the research and content division of MEXC, one of the world's leading cryptocurrency exchanges. The team comprises market analysts, blockchain researchers, and experienced financial writers dedicated to delivering timely, accurate, and in-depth coverage of global crypto and technology markets.

 

 

OpenAI files for IPO with potential $1 trillion valuation, plans public listing by late 2026 — Crypto Briefing

OpenAI IPO: what investors need to know in 2026 — CMC Markets

Five things to know about OpenAI's potentially record-breaking IPO plans — Yahoo Finance / Euronews

OpenAI IPO: Investment Opportunities & Pre-IPO Valuations — Forge Global

Anthropic confidentially files for IPO after raising $65 billion in a funding round at a $965 billion valuation — Fortune

Anthropic IPO: Date, Valuation, Share Price & How to Invest — IG

Anthropic IPO 2026: $965B Valuation, S-1 Filed June 1 — TechStackIPO

SpaceX IPO Guide: S-1 Breakdown, Valuation & Trading Strategy — BitMEX

SpaceX blasts off with a record-breaking $75 billion IPO — NPR

SpaceX, OpenAI & Anthropic IPOs 2026: Dates, Valuations, Risks & Market Impact — INDmoney

6 Charts on SpaceX's Pre-IPO Financials — Morningstar

US IPO proceeds to quadruple to record $160 billion in 2026 — Reuters / U.S. News

Goldman Sachs Forecasts U.S. IPO Market Will Hit a Record $160 Billion This Year — TipRanks

Goldman Sachs projects surge in US equity issuance, IPOs ahead — Crypto Briefing

 

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