Battle of the Mega IPOs 2026: SpaceX vs. Anthropic vs. OpenAI

This week, the world is eagerly anticipating the biggest IPO in history!



On Friday, June 12th, SpaceX stocks are expected to begin trading on the Nasdaq for the first time ever, with a slated price of $135 per share.

Bybit clients can already register now and gain tokenised access to this highly-anticipated IPO.

DECODE: An initial public offering (IPO) is the first time a private company, like SpaceX, sells its shares to the general public, giving everyday investors the opportunity to become part-owners of that company.



Also, since May 21st, traders and investors could already access SPCXUSDT perpetual contracts on Bybit.

However, an important note: SPCXUSDT will be de-listed at 7:30 AM UTC on Wednesday, June 10th.



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SpaceX is not the only huge private company that's looking to go public.

Overnight, OpenAI - the creator of ChatGPT - announced that it has filed for its own IPO too.

This follows another recent announcement by Anthropic PBC - the creator of Claude chatbot - for its own IPO.



Here's how these mega-IPOs stack up against one another:

Side-by-Side Snapshot







If these private companies were to IPO today, at today's values ...

These 3 mega-IPOs combined would represent US$ 3.6 trillion in market value!



Separately, each would still rank among the 15 biggest stocks on the S&P 500 - even bigger than JPMorgan - the biggest US bank!

(ranked by market cap in US$, before US market opens on Tue, June 9th)

• Nvidia: 5.05 trillion

• Apple: 4.43 trillion

• Alphabet: 4.41 trillion

• Microsoft: 3.06 trillion

• Amazon: 2.64 trillion

• Broadcom: 1.88 trillion

• SpaceX: ~1.8 trillion

• Tesla: 1.54 trillion

• Meta: 1.29 trillion

• Eli Lilly: 1.08 trillion

• Micron Technology: 1.07 trillion

• Anthropic: 0.96 trillion

• Walmart: 0.95 trillion

• OpenAI: 0.85 trillion (Polymarket puts a near-50% chance OpenAI IPOs above a $1.5 trillion valuation)

• JPMorgan: 0.83 trillion





How do these companies make money?



1) SpaceX: Starlink satellites, rockets, AI data centers, and xAI.

• 2025 revenue came in at US$ 18.7 billion, with Starlink making up over 60% of that revenue from its 10.3 million subscribers across 164 countries.

• However, SpaceX lost almost US$ 5 billion (4.94B) largely due to xAI.

How would SpaceX make MORE money?

• SpaceX also has a deal to supply AI computing capacity, including 325k Nvidia chips, to Anthropic, which the latter will pay the former US$1.25 billion per month through May 2029.

• Last Friday, June 2, SpaceX announced a US$ 30 billion cloud services deal with Google, which will cost the latter US$ 920 million a month through 2029.

• Analysts at Goldman Sachs and Evercore ISI predict that SpaceX's revenue would grow to about US$ 474 billion - USD$ 486 billion by 2030. Evercore even predicts SpaceX's revenue to hit US$ 1 trillion by 2031! Recall, SpaceX's 2025 revenue was US$ 18.7 billion.

And how about this for a mind-blowing figure ...

SpaceX claims a total addressable market (TAM) a.k.a. maximum revenue ceiling of US$ 28.5 trillion - the biggest ever stated TAM in history!





2) Anthropic: Founded in 2021 by former OpenAI employees, Anthropic's Claude chatbot is a leading AI assistant used by global enterprises and has a run-rate revenue reportedly crossing $47 billion.





3) OpenAI: Since its launch in late-2022, ChatGPT is now being used by over 900 million people each week, missing its internal target of 1 billion weekly active users by end-2025.

Its coding agent, Codex, is now used by more than 4 million users weekly, and OpenAI is looking to expand into a unified AI “superapp”.

OpenAI forecasts revenue to exceed US$ 280 billion by 2030!

That’s a massive leap from its US$20 billion annualized revenue in 2025, which was already over three times more than 2024’s US$ 6 billion.





Key risks to watch out for



• Massive supply of shares = waves of capital rotation = market volatility?

Already, the SpaceX IPO is well oversubscribed, with institutional orders reportedly exceeding $10 billion.

With some analysts already worrying that the stock market rally has gone too far, too fast (prior to last week’s pullback), 3 mega-IPOs in quick succession could translate into a massive rotation of investors’ funds out of existing stocks into these mega-IPOs, which in turn could lead to more market volatility.



• All 3 are losing money or burning cash at scale.

OpenAI says it’s committed US$1.4 trillion on AI infrastructure, with about US$ 600 billion of that amount to be spent by 2030.

Anthropic intends to spend US$ 50 billion to build custom AI data centers in the US.

SpaceX's capital expenditure came in at US$ 20 billion in 2025, and capex is forecasted to exceed US$ 360 billion by 2030. Its spending US$ 15 billion on Starship alone, and many billions more to put AI data centers - and even 1 million people - in space!

These are long-term bets, not income stocks.



• Founder control.

SpaceX’s dual-class structure limits public shareholder power.

Elon Musk holds Class B shares with 10x voting rights, controlling ~85.1% of total votes.

Analysts expect similar structures from OpenAI and Anthropic.





2026 Mega-IPOs: The bottom line



This is a once-in-a-generation IPO wave!

SpaceX is imminent; Anthropic and OpenAI are close behind, perhaps just a few months away.

All 3 are high-risk, high-ambition bets on the future of AI and space.

Such IPOs may lead to some exciting price action, ranging from either a first-day pop/crash to long-term growth potential.

Still, there are plenty of risks along the way, as investors assess whether potential translates into reality.

These 3 mega-IPOs may ultimately empower retail investors to decide whether the AI frenzy is boom, or bust.

In short, investors and traders must closely watch each company’s journeys - or risk missing out.







DISCLAIMER:

This article is provided for general information and reflects the author’s views only. It does not constitute investment advice, nor an offer or solicitation to buy or sell any financial instruments or digital assets. Your ability to access or use any products or services mentioned may be subject to the laws and regulatory requirements of your jurisdiction.