Markets JUN 21, 2026

Anthropic, OpenAI, SpaceX file IPOs in 10-day sprint; combined valuations top $2.8 trillion

Anthropic filed June 1 at a $965B valuation, OpenAI followed June 8 at $852B, and SpaceX debuts Friday — the three largest IPOs on record could all price by November.

BY HENLEY MARRAST · MARKETS DESK

Three private companies with a combined paper value above $2.8 trillion lined up to tap US public markets inside a 10-day window. Anthropic filed a confidential S-1 on June 1 at a $965 billion valuation. OpenAI followed on June 8 at $852 billion. SpaceX begins trading Friday. CNBC notes the three deals could end up the largest IPOs on record.

The compression of the calendar isn’t accidental. Bloomberg reports that whichever AI lab reaches public markets first locks in an immediate edge in securing chips, data centers and talent. Goldman Sachs, JPMorgan and Morgan Stanley are under consideration for lead roles on both AI listings, according to people familiar with the matter.

Anthropic’s numbers are the more aggressive of the two filings. The company’s annualized run-rate revenue hit $47 billion in May and is projected to reach $50 billion by the end of the following month. Q2 revenue guidance came in at $10.9 billion, more than double the prior quarter. The S-1 arrived on the heels of a $65 billion funding round that, per Fortune, pushed Anthropic past OpenAI’s March valuation for the first time.

OpenAI’s disclosures are coyer. “We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it,” the company said, adding that the actual listing “may be a while.” Reports cited by CNBC point to a September-to-November window. CFO Sarah Friar confirmed annualized revenue exited 2025 above $20 billion against $13.1 billion in full-year 2025 actuals. CNN puts current monthly revenue at $2 billion. The March round that set the $852 billion mark raised $122 billion.

The structural detail buried in SpaceX’s own prospectus is the one worth lingering on: Anthropic has committed $1.25 billion per month in compute payments to SpaceX through May 2029, terminable on 90 days’ notice. Elon Musk’s xAI is housed inside the same company. The Pentagon has designated Anthropic a supply-chain risk.

Three filings, one banker syndicate, one compute substrate. The public-market debut of American AI is being underwritten as a single trade.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.