San Francisco, June 12, 2026, 03:02 (PDT)
- SpaceX priced its IPO at a record $75 billion, putting its valuation at $1.77 trillion. That sets a big benchmark as OpenAI and Anthropic look to launch their own offerings.
- OpenAI followed Anthropic in filing, putting more focus on how the two compete for investor trust, types of revenue, pricing strength, and compute expenses.
AI companies are now stepping into earnings season after months of raising money privately, as SpaceX gets ready to start trading on Nasdaq following the biggest IPO ever. Reuters said SpaceX raised $75 billion by selling 555.56 million shares at $135 a piece, putting the company’s value near $1.77 trillion. OpenAI has filed confidentially for a U.S. IPO, according to Reuters, following Anthropic’s filing earlier this month.
SpaceX’s IPO is under the microscope as a key read on how much public investors will pay for next-generation AI infrastructure plays. Reuters reported the deal more than doubled Saudi Aramco’s 2019 listing and will put SpaceX among the most valuable U.S.-listed names when shares start trading Friday. Early sessions could shape banker and investor thinking on the upcoming OpenAI and Anthropic offerings.
OpenAI, Anthropic and SpaceX are facing a different kind of test as Wall Street comes into play, CNN said. After private investors drove years of hype, the companies head toward a period where public markets could bring more scrutiny. “Expectations that seem manageable in private markets can become relentless under the glare of public ownership,” Nigel Green, CEO of deVere Group, told CNN. Egypt Independent
OpenAI filed after Anthropic turned in its confidential draft registration statement to the U.S. Securities and Exchange Commission on June 1. Reuters said OpenAI is eyeing a $1 trillion valuation and could launch an IPO as soon as September. Anthropic said last month it had raised $65 billion at a $965 billion post-money valuation and hit $47 billion in annualized run-rate revenue.
The rivalry between OpenAI and Anthropic is getting blunt as both firms line up major listings around the same time. Reuters said the two are already battling over how investors will look at AI revenue, with disputes around how sales get booked when cloud partners are in the mix. “It’s all-out war between these guys. Every time there’s a new release from Anthropic, the bet will be that OpenAI is soon to follow and vice versa,” Anastasios Angelopoulos, CEO of Arena, told Reuters. Reuters
Pricing is coming into focus. Reuters, citing The Wall Street Journal, said OpenAI may slash its token prices to stay competitive with Anthropic. Reuters noted it could not immediately confirm the Journal’s account, and said talks are ongoing. If OpenAI sticks with lower prices, investors will be watching the same things they do in IPOs: gross margin, infrastructure costs, and how the company turns heavy demand into lasting profits.
SpaceX’s own launch showed strong demand and plenty of risk. The company reserved 30% of its IPO for retail buyers, Reuters reported, offering everyday investors a shot at a large listing that’s not typical. “The real test will be how the market digests the IPO over the next several weeks, not just one day,” Adam Sarhan, CEO of 50 Park Investments, told Reuters. Reuters
Next up are SpaceX’s debut trading sessions and the IPO filings from OpenAI and Anthropic. Investors will be watching revenue recognition, compute deals, customer gains, and when profits could show up. In AI, it’s less about if private backers keep paying for frontier models—now the focus moves to whether public markets will keep valuing them close to a trillion dollars.
