SpaceX, OpenAI, and Anthropic Poised for Record-Breaking IPOs This Year

"Even a Single IPO Could Surpass Last Year's Entire U.S. Market"
Predictions Suggest One Listing Alone May Exceed the 2025 Total

Elon Musk, CEO of SpaceX and Tesla. Photo by Yonhap News Agency

Expectations are rising in the U.S. capital markets for what could be the largest initial public offerings (IPOs) in history this year.

According to the Financial Times on December 31 (local time), Elon Musk's space company SpaceX, as well as artificial intelligence (AI) developers OpenAI and Anthropic, are each preparing to go public this year.

SpaceX is reportedly valued at $800 billion (approximately 1,157 trillion won) in current private share transactions. OpenAI's valuation in the over-the-counter market is currently around $500 billion (about 723 trillion won), but there are projections that it could rise to over $750 billion (approximately 1,085 trillion won) if new investments are secured. Anthropic is expected to be valued at $300 billion (about 434 trillion won).

The amount the three companies are expected to raise through IPOs is projected to be in the tens of billions of dollars. As a result, some predict that even if only one of these companies goes public, it could surpass the entire U.S. IPO market size for 2025. By the third quarter of 2025, the total capital raised by newly listed companies in the U.S. IPO market was about $30 billion (approximately 43.4 trillion won).

The industry consensus is that there is a strong likelihood all three companies will go public in 2026. SpaceX executives recently told investors that, unless there is a major market shock, they plan to pursue an IPO within the next 12 months. Anthropic has hired the major U.S. law firm Wilson Sonsini to prepare for its listing, and OpenAI is also in discussions with leading law firms regarding its IPO plans.

However, some point out that external factors remain a variable. The IPO market for large IT companies has temporarily contracted due to President Donald Trump's tariff policies and the impact of the U.S. government shutdown. In addition, recent concerns about a bubble in the AI industry have led to corrections in the stock prices of some major tech companies, further increasing uncertainty.