Four of the most consequential IPOs in market history are converging on Wall Street simultaneously, with SpaceX, OpenAI, and Anthropic each preparing public debuts while Alphabet pursues separate capital-raising activity, potentially drawing more than $380 billion in combined new equity from the market within months.

Key Highlights

  • SpaceX IPO Friday at $135/share: SpaceX is expected to price its IPO at approximately $135 per share on Friday June 12, targeting a valuation of roughly $1.75 trillion in what would be the largest public offering in history, with demand four times the available supply.
  • OpenAI confidentially filed S-1: OpenAI submitted its draft registration statement to the SEC this week, targeting a valuation of up to $1 trillion and a listing potentially as early as September 2026.
  • Anthropic filed one week earlier: Anthropic filed its confidential S-1 last week, most recently valued at $965 billion following a $65 billion Series H, and is given an 82.5% probability of listing before OpenAI on prediction markets.
  • Liquidity competition intensifies: Market advisers have warned that the three listings in close proximity could drain investor capital from existing positions, with lock-up expirations approximately six months out creating simultaneous insider selling risk.

The U.S. equity market faces an unprecedented concentration of landmark technology listings over the coming months, with three trillion-dollar AI and space companies all preparing public debuts in a compressed window. The scale of capital being sought is historically unprecedented: SpaceX alone is targeting approximately $75 billion in gross IPO proceeds at its proposed $135-per-share price, while OpenAI and Anthropic have each filed confidentially without yet disclosing deal size or terms.

SpaceX is expected to begin trading on Friday under the ticker SPCX, with the offering priced at approximately $135 per share, implying a valuation of roughly $1.75 trillion. Demand is reported to have exceeded available supply by four times. The company, which absorbed Musk's xAI lab earlier this year, would surpass any prior IPO in history by both valuation and likely proceeds.

Anthropic filed its confidential S-1 the week prior to OpenAI's filing, giving it a first-mover advantage in the listing process. At its May 2026 Series H valuation of $965 billion, Anthropic would be the second-largest IPO in history if it lists at or near that level. OpenAI, valued at $852 billion in March 2026, filed one week after Anthropic. Together the two AI companies are expected to raise anywhere from $50 billion to $100 billion each in their public offerings, though neither has disclosed terms.

Investment banks advising both companies have flagged the sequencing risk explicitly: whichever company lists first benefits from deeper available capital pools. Lock-up periods on all three AI and space names expire roughly six months after listing, creating potential for simultaneous insider selling that could weigh on all three stocks.