What is an IPO? Why SpaceX, OpenAI, Anthropic are racing to go public

Wall Street is bracing for a historic moment as three tech giants, including SpaceX, OpenAI, and Anthropic, prepare to file for initial public offerings (IPOs).

An IPO is the process by which a privately owned company sells shares to the general public for the first time to transition into a publicly traded corporation.

This is done by typically hiring investment banks as “underwriters,” file detained financial documents with regulators such as the U.S. SEC, and then listing their shares on an exchange like Nasdaq or NYSE.

Why are major companies filing for IPO in 2026?

The goals of SpaceX, OpenAI, and Anthropic's motivation for IPO are the classic ones. Initially, they seek to raise massive capital, funds to pay off debt, build new projects, and fuel expansion. Then, the IPOs offer liquidity, enabling early investors and employees to cash out their stakes. At the end, going public brings publicity and enhances credibility.

• SpaceX: Elon Musk’s rocket company is set to make the largest debut in history. Targeting a June 12 listing, SpaceX aims for a $1.75 trillion valuation and aims to raise over $75 billion.
• OpenAI: The creator of ChatGPT is aiming for a public listing later this year, with an estimated value of around $852 billion.
• Anthropic: The AI company has confidentially filed for an IPO, targeting a valuation exceeding $330 billion before the end of 2026.

Despite securing the valuation, there are many risks associated with the IPOs. Newly public stocks can create extreme volatility, and the company may face strict regulatory scrutiny. Moreover, insiders are usually subjected to “lock-up periods” preventing them from selling shares immediately.

As these three giants are set to hit the public markets, investors are advised to watch for finalized S-1 filings and official pricing dates.