Following Anthropic’s confidential IPO filing last week, OpenAI has also taken a similar step by submitting confidential documentation for a US stock market launch on 8 June. This action marks the start of what may become one of the most scrutinised IPO processes in recent times, placing OpenAI alongside a few companies aiming for trillion-dollar valuations, according to reports.
The AI pioneer, valued at $852 billion following a massive March funding round, is seeking to capitalise on surging investor enthusiasm for artificial intelligence. An IPO would provide OpenAI with another avenue to raise capital, enhance transparency, and strengthen its position in an increasingly competitive AI landscape, according to reports.
The development comes amid a broader wave of mega listings. Elon Musk-led SpaceX, which recently filed for its own market debut, is expected to begin trading on Nasdaq on 12 June under the ticker SPCX at a reported valuation of $1.77 trillion, potentially making it one of the largest IPOs ever. Meanwhile, OpenAI rival Anthropic has emerged as another heavyweight contender, with a reported valuation of $965 billion following its latest fundraising round.
Collectively, the trio of companies highlights significant investor interest in cutting-edge technology businesses and has the potential to shape a new era in global financial markets, according to market experts.
SpaceX IPO vs OpenAI IPO
SpaceX has stronger fundamentals, OpenAI offers higher growth but at a steeper price, said Tushar Badjate, Director at Badjate Stock & Shares Pvt. Ltd.
Badjate, believes investors should look beyond the hype surrounding the upcoming public listings of SpaceX and OpenAI, as both companies are being valued for near-perfect execution over the next several years.
According to Badjate, SpaceX, which is expected to debut at a valuation of around $1.75 trillion, is underpinned by a strong and cash-generating business model. He highlighted that Starlink generated $11.4 billion in revenue in 2025 with EBITDA margins of 63%, while the company’s launch business enjoys a dominant position in the global space industry. However, he cautioned that SpaceX’s financial profile is being weighed down by xAI, whose heavy investment requirements are contributing significantly to losses. He also noted that public shareholders would have limited influence due to Elon Musk’s majority voting control.
On OpenAI, which is reportedly targeting a valuation above $1 trillion, Badjate pointed to its extraordinary growth trajectory. The company has reportedly expanded revenue from $2 billion in 2023 to $20 billion in 2025, while ChatGPT serves more than 900 million weekly active users and has achieved widespread enterprise adoption. However, he warned that OpenAI continues to face substantial losses, rising computing costs, and intensifying competition from rivals such as Google, Meta, and Anthropic.
Badjate said the key challenge for investors is valuation. In his view, both companies are priced for flawless execution, leaving little room for operational setbacks, regulatory challenges, competitive pressures, or macroeconomic shocks. He added that with SpaceX, OpenAI, and Anthropic collectively representing nearly $3 trillion in potential listings, public markets could face an unprecedented test in absorbing such massive offerings.
“If forced to choose, SpaceX offers more layers of tangible value and established cash flows, while OpenAI presents a more compelling growth story but at a significantly riskier entry valuation,” Badjate said. He emphasised that while both are exceptional companies, neither appears inexpensive at current valuation expectations.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
