Key Points
Not long ago, the thought of a stock surpassing $1 trillion seemed unfathomable. Today, there are several stocks with market caps of more than $1 trillion, some of which have surpassed $4 trillion.
This is largely due to the emergence of artificial intelligence (AI) and the belief that the technology will change life as we know it. The large tech companies best positioned to take advantage of this trend have seen their stocks melt up. Furthermore, private companies are expected to go public at stratospheric valuations.
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Here are three upcoming monster initial public offering (IPOs) that could soon join Meta Platforms, Tesla, and Broadcom in the $1 trillion club.
1. SpaceX
Founded by Tesla Chief Executive Officer Elon Musk, SpaceX is viewed as a pioneer of the space economy. SpaceX is currently known for its reusable rockets, making launches more affordable. The company is also the parent of Starlink, a low-Earth-orbit satellite network that provides internet in areas that historically lacked reliable access to traditional web infrastructure.
Image source: Getty Images.
Starlink already has more than 9 million users and more than 11,000 satellites in orbit, placing it far ahead of competitors. There is also speculation that SpaceX, which owns xAI, the artificial intelligence company behind Grok, is also close to achieving sovereign AI, in which it controls the entire AI stack from the intelligence to the infrastructure and chips that make running AI applications possible.
The company is also the only one of the three in this article very likely to go public in the near term. SpaceX has confidentially filed its prospectus with the Securities and Exchange Commission and reportedly hired more than 20 banks to help it carry out what could be the largest IPO ever. Media outlets report that SpaceX could raise as much as $75 trillion at a valuation of as much as $2 trillion.
As with most IPOs with tremendous hype and an extreme growth valuation, I think it makes sense for investors to wait several months after the IPO, when insider shareholder lock-up provisions have expired, before considering buying SpaceX. There’s a good chance there will be better entry points at this time.
2. OpenAI
Led by CEO Sam Altman, OpenAI is arguably the company most responsible for transforming AI from a vision to reality three years ago with the release of ChatGPT. An IPO has not been confirmed, but various media reports suggest the company could conduct one as soon as the 2026 fourth quarter.
Either way, given the company’s cash burn and infrastructure investment commitments of $1.4 trillion during the next eight years, it seems Altman will eventually have no choice but to take the company public. OpenAI recently closed a $122 billion financing round that included investors like Nvidia, Amazon, and SoftBank.
However, according to The Wall Street Journal, the company is expected to burn through this cash in three years, in part from the infrastructure commitments. Despite being private, OpenAI has become a major factor in the public markets because it is driving so much of the AI infrastructure build-out, and is viewed as an AI pioneer.
So far, reports indicate that OpenAI could raise another $100 billion in an IPO, valuing it at $1 trillion or more. It’s hard to really know what OpenAI’s financials could look like down the line.
The company reportedly expects to be profitable in 2030 and generate $275 billion in revenue. If that turns out to be true, you could probably call the $1 trillion valuation somewhat reasonable.
But considering the company reportedly only hit an annual revenue run rate of $20 billion in 2025, there’s a long way to go between now and 2030, and it will likely be hard for investors to accurately model anything.
3. Anthropic
Although OpenAI may have been the first to launch an AI chatbot, Anthropic’s Claude has made more of a splash recently in terms of agentic AI. Claude Cowork and Claude Code have gained significant traction and seem to have closed the gap between their capabilities and OpenAI’s, potentially even overtaking it.
Reports suggest that Anthropic is now on a $30 billion annualized revenue run rate. In March, Claude Cowork’s app surpassed ChatGPT to claim the No. 1 ranking in Apple‘s app store.
Anthropic’s valuation in the private market has reportedly surpassed $1 trillion on some trading platforms, ahead of OpenAI’s current valuation of about $850 billion.
Multiple reports have also suggested Anthropic could go public as soon as this year, although it’s just speculation right now. I’m more intrigued by Anthropic’s potential IPO at the moment than ChatGPT’s, although again, there’s still so much we don’t know.
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Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Apple, Broadcom, Meta Platforms, Nvidia, and Tesla. The Motley Fool has a disclosure policy.
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