A trio of AI heavyweights is lining up for the public markets at vertiginous valuations, underscoring investor zeal—and anxiety—over the technology’s rapid adoption. SpaceX, now valued at $1.25 trillion after merging with Elon Musk’s xAI, plans to raise up to $75 billion in what could be the largest IPO on record, despite operating losses of $2.6 billion on $18.7 billion in 2025 revenue and additional losses at xAI. Anthropic, maker of the Claude chatbot, confidentially filed for an IPO after soaring to a $965 billion valuation and says it’s generating $47 billion in annualized revenue. OpenAI, valued at $852 billion, is eyeing a listing as soon as this fall as it scrambles to keep pace with Anthropic’s momentum. The cash burn to train and deploy frontier models is pushing firms toward public equity, which some analysts call the cheapest capital in a higher-rate world. The rush comes amid warnings of an AI bubble even as Big Tech’s public players—Alphabet, Meta and Microsoft—double down on AI products and post divergent market outcomes.
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