The Rise of the Mega IPO
2026 is shaping up to be a landmark year for the public markets, with several of the most valuable tech companies preparing to go public. Among them are OpenAI, Anthropic, and SpaceX, whose potential listings could unleash an unprecedented wave of capital across Silicon Valley and Wall Street.
Each of these companies has made initial moves toward a public offering. Anthropic and OpenAI, two leading artificial intelligence firms, have begun early preparations for IPOs. Meanwhile, SpaceX, Elon Musk’s aerospace company, has reportedly held discussions with investment banks to lead its listing process.
Staggering Valuations and Expectations
All three companies are expected to enter the public markets with sky-high valuations. Anthropic is in talks for funding that would value the company at $350 billion, OpenAI has reached a $500 billion valuation, and SpaceX has been valued at $800 billion. These figures place them among the most valuable private companies ever to consider IPOs, rivaling even the massive 2019 debut of Saudi Aramco.
“We’re going to get into a period of potentially unprecedented IPO deal sizes,” said Eddie Molloy, global co-head of equity capital markets at Morgan Stanley. “But we are confident they’re executable given the scale of these companies and the investor interest.”
Implications for Wall Street and Silicon Valley
A successful launch of any one of these IPOs could set the tone for the year, energizing a public market that has seen relatively few tech listings since the IPO frenzy of 2021. Wall Street stands to earn hundreds of millions in underwriting fees, while Silicon Valley investors and employees could see massive returns on their equity stakes.
“In two decades, I haven’t seen private companies that are this meaningful and impactful,” said Jeremy Abelson of Irving Investors. “They’re not only big and relevant but have financials we’ve never seen before.”
Preparations Underway
Although still in early stages, Anthropic has retained the law firm Wilson Sonsini to begin IPO preparations, while OpenAI completed a structural conversion to a for-profit entity in 2025. Despite CEO Sam Altman’s lack of enthusiasm for leading a public company, he acknowledged the need to raise more capital.
SpaceX, founded 24 years ago, appears further along in the process, having engaged banks and informed shareholders of its IPO intentions. The company reportedly plans to use IPO proceeds to build AI-powered data centers in space, aligning its aerospace ambitions with the AI boom.
A New Era of Transparency
Investors believe these IPOs could finally shed light on the opaque financials of AI companies. “There’s such a big information gap right now,” said Jeff Richards of Notable Capital, which has backed Anthropic. “The best thing for the market would be for these companies to go public so we can actually see the numbers.”
OpenAI reportedly generated $13 billion in revenue last year, with expectations to triple that figure in 2026. Anthropic claimed annual revenue run rates between $8 billion and $10 billion. But the companies are also spending heavily—OpenAI plans to spend $115 billion from 2025 to 2029.
The Changing Landscape of Startups
Traditionally, startups delayed going public in favor of private capital. That trend is reversing, driven by the high cash demands of AI firms. OpenAI has already raised more than $60 billion, and Anthropic has secured at least $40 billion to date.
These IPOs could also reshape employee expectations. “Instead of waiting seven or eight years, many AI engineers are now expecting liquidity within two or three years,” said Jeremy Kranz of Sentinel Global.
According to research firm Sacra, public listings of OpenAI, SpaceX, and Anthropic could create over 16,000 new millionaires—a windfall that would likely fuel even more innovation and investment throughout Silicon Valley.
A Complex Road Ahead
Executing IPOs of this size will require global coordination across mutual funds, hedge funds, sovereign wealth funds, and retail investors. “It’s all hands on deck,” said David Bauer of JPMorgan Chase. “You need institutional investors capable of writing very large checks.”
Still, not everyone is convinced. Veteran tech investor Paul Wick expressed skepticism over the sustainability of the AI business models. “Unlike Facebook and Google, which were profit machines before going public, these companies seem to be burning through cash,” he said. “That doesn’t inspire confidence.”
Whether these tech giants follow through on their IPOs this year may depend on market conditions, geopolitical developments, and their internal readiness. Regardless, 2026 is poised to be a turning point in the public markets, potentially ushering in a new era of transparency, innovation, and wealth creation in the AI and space sectors.
This article is inspired by content from Original Source. It has been rephrased for originality. Images are credited to the original source.