As the IPO market regains momentum in 2025, global investors are already looking ahead to 2026, a year that could be defined by two landmark public offerings. Among the rumored listings of emerging tech giants, two names consistently dominate headlines: SpaceX, the space exploration venture founded by Elon Musk, and OpenAI, the artificial intelligence pioneer led by Sam Altman. Both represent the cutting edge of technology and could deliver two of the largest IPOs in history.
If both companies go public in the same year, how should investors choose?
Founded in 2002 by serial entrepreneur Elon Musk, SpaceX has revolutionized space access through reusable rocket technology, with the ultimate goal of enabling lunar and planetary travel. The company also operates Starlink, a constellation of low-Earth-orbit satellites that delivers high-speed internet worldwide, particularly to remote regions lacking fiber-optic infrastructure. As of mid‑December last year, Starlink had 9,357 satellites in orbit, with long‑term plans to deploy up to 42,000.
Musk has acknowledged that rumors of a 2026 IPO are “accurate.” Multiple reports suggest SpaceX could seek to raise more than $30 billion at a valuation as high as $1.5 trillion. Recent secondary-market transactions have already valued the company at around $800 billion. Musk disclosed that SpaceX is projected to generate $15.5 billion in revenue in 2025. Starlink currently serves 155 countries with 9 million active users, adding roughly 20,000 daily.
OpenAI’s ChatGPT, powered by large language models, enables human‑like conversations and advanced problem‑solving, along with generating images, code, and other multimodal content. The application is considered the fastest‑growing consumer software in history, surpassing 800 million weekly active users last October. Though a specific listing timeline remains unconfirmed, 2026 is widely seen as a likely window.
According to a recent Wall Street Journal report, OpenAI could aim to raise up to $100 billion, targeting a valuation between $830 billion and $1 trillion. To support its AI ambitions, the company is investing heavily in data‑center infrastructure and is said to have signed data‑center capacity contracts totaling $1.4 trillion. Altman has previously stated that OpenAI is on track to achieve $20 billion in annualized revenue by 2025.
Whichever company investors lean toward, they will face stratospheric valuations. Analysts note, however, that for transformative tech firms poised to define new economic eras, markets often prioritize growth prospects over valuation multiples alone. Retail investors should pay close attention to IPO lock‑up provisions—periods during which insiders and early backers are restricted from selling shares after the listing. Experts advise against chasing the stock on the first day; instead, they suggest waiting until after lock‑up expirations, when market sentiment may stabilize.
This potential IPO showdown is more than a capital‑markets spectacle; it will test how investors value “future tech”—whether they favor a hard‑tech titan conquering space or back an AI pioneer reshaping human interaction. As 2026 approaches, the answer will slowly come into focus.
