Several globally top-valued technology startups are actively preparing to go public, potentially heralding a rare “IPO super cycle” in 2026. From leaders in artificial intelligence to the space exploration pioneer SpaceX, the listing plans of these industry giants signal that Silicon Valley and Wall Street may jointly partake in a capital feast.
According to recent media reports, AI star companies OpenAI and Anthropic have both taken preliminary steps for their IPO preparations, while Elon Musk’s SpaceX has also engaged with several banks to select lead underwriters for its IPO. The reports suggest that if these three companies proceed as planned, they could collectively make the tech industry’s most significant year ever.
OpenAI and Anthropic mentioned in the reports are currently in the early stages of IPO preparation. Sources reveal that Anthropic hired the law firm Wilson Sonsini in December 2025 to assist in initiating related work. OpenAI, on the other hand, focused in 2025 on transitioning from a non-profit to a for-profit entity, a move widely seen as paving the way for its listing. Although its CEO Sam Altman has publicly stated he is “not at all excited” about leading a public company, he also acknowledged the company’s need to continuously raise substantial funds.
Reports earlier this month indicated that OpenAI is discussing IPO matters with several top law firms, including Cooley, while also engaging with investors about a new funding round that could value the company at $750 billion or higher. Anthropic is similarly negotiating a new funding round, with investors expecting its valuation to exceed $300 billion. The company’s CEO, Dario Amodei, has disclosed that its annualized revenue has reached a substantial scale.
Among the three companies, SpaceX’s IPO preparations appear the most advanced. The 24-year-old company has reportedly interviewed multiple banking institutions and clarified its IPO intentions to shareholders. SpaceX emphasizes the AI attributes of its business to investors and plans to use IPO proceeds to build AI data centers in space.
According to recent information, SpaceX executives have informed investors that barring major market turbulence, the company will go public within the next 12 months. Its valuation in secondary stock trades has already reached $800 billion. Reports suggest SpaceX is even seeking financing at a valuation as high as $1.5 trillion. Listing at such a valuation could set a historical fundraising record and place it among the top ten most valuable companies in the United States. Elon Musk revealed that the company expects revenue of $15.5 billion this year, primarily from its Starlink business, and that IPO funds will help achieve its ambitious goals, including Mars missions.
Regarding the potential wave of IPOs, some investors and bankers are optimistic. Morgan Stanley’s Eddie Molloy believes the market is entering a period where the scale of IPO deals could be unprecedented. Some venture capitalists also marvel at the scale and influence of these private companies. However, cautious views exist in the market as well. Veteran tech investors point out that unlike companies such as Google, which achieved strong profitability before going public, some current AI companies are still incurring massive losses and continuously relying on funding, raising doubts about their business models.
Analysis suggests that if IPOs of companies like OpenAI materialize, they would offer public market investors an opportunity to participate in the AI boom and generate substantial profits for Wall Street investment banks.
