SpaceX and Anthropic Race Toward Wall Street as Trillion-Dollar IPO Era Begins

• SpaceX is targeting a record-breaking $75 billion IPO at a $1.77 trillion valuation.
• Anthropic eyes IPO at a reported $965B valuation after confidential SEC filing.
• Space ETF assets top $5 billion for the first time after surging in 2026.

The US IPO market is heading into territory it has never seen before. SpaceX is preparing a public offering that could raise $75 billion at a valuation of roughly $1.77 trillion, according to newly filed documents.

At the same time, AI giant Anthropic has quietly positioned itself for a stock market debut after filing confidentially with the SEC and appointing Morgan Stanley and Goldman Sachs to lead the process.

Together, the two companies are setting up what could become the largest wave of public listings in modern market history.

SpaceX Targets the Largest IPO Ever

SpaceX plans to sell 555.6 million shares at $135 each, a transaction that would generate approximately $75 billion. If completed at those terms, the offering would be nearly three times larger than Saudi Aramco’s record-breaking $25.6 billion IPO in 2019.

The proposed valuation of $1.77 trillion would immediately place SpaceX among the world’s most valuable public companies.

Investor interest has been building rapidly. Assets under management in space-focused ETFs have now crossed $5 billion for the first time. Since the beginning of 2026, those assets have more than doubled, while year-over-year growth has exceeded 900%.

The Space Innovators ETF, trading under the ticker NASA, has become one of the biggest beneficiaries. Since launching in March, the fund has accumulated $2.6 billion in assets and gained 50%, including a 37% jump during May alone.

SpaceX currently represents 7.5% of the portfolio, giving retail investors one of the few available routes to gain indirect exposure ahead of the IPO.

Starlink Carries the Business While Losses Continue

Despite the excitement, SpaceX remains a company with significant financial challenges. The company reported a quarterly net loss of $4.28 billion, down from $4.94 billion in 2025.

Starlink generated $3.26 billion in quarterly revenue and accounted for 69% of total company revenue. The satellite internet business remains the only profitable segment within the company.

Meanwhile, the space operations division posted a $619 million operating loss, while the AI business lost $2.5 billion during the quarter.

SpaceX’s filing also warned investors that the company has a history of losses and may not become profitable in the future. Much of its valuation depends on technologies that remain under development and require years of additional capital spending.

Those concerns have led some analysts to question the valuation. Morningstar estimates SpaceX is worth approximately $780 billion using a discounted cash flow model, nearly 48% below its latest private-market valuation.

The research firm believes investors may find better entry opportunities after the initial excitement surrounding the IPO fades.

Anthropic Moves Closer to a Public Listing

While SpaceX dominates headlines, Anthropic is quietly assembling what could become another historic offering.

The AI company has confidentially filed draft registration documents with the SEC and selected Morgan Stanley and Goldman Sachs to lead its IPO. JPMorgan Chase is also involved in the process.

The filing does not guarantee a public listing, but it gives Anthropic the option to launch an offering once regulators complete their review. Reports indicate a listing could arrive as early as October.

The company recently raised $65 billion in Series H financing, valuing the business at $965 billion. That funding round pushed Anthropic ahead of OpenAI for the first time and made it the world’s most valuable startup.

If Anthropic reaches public markets near the $1 trillion mark, it would instantly rank among the largest IPOs ever completed.

Related: SBI Holdings Partners With Anthropic for Group-Wide Claude AI Rollout