SpaceX, OpenAI and Anthropic Eye $4 Trillion IPO Wave as AI Capex Drains Buybacks
Updated
Updated · Financial Times · May 16
SpaceX, OpenAI and Anthropic Eye $4 Trillion IPO Wave as AI Capex Drains Buybacks
2 articles · Updated · Financial Times · May 16
$4 trillion of potential IPO value from SpaceX, OpenAI and Anthropic could add about 6% to US public equity supply, threatening the market support created by years of shrinking share counts.
That shift is being driven by the AI boom: Alphabet, Amazon, Meta and Microsoft are expected to spend $725 billion this year, while Meta and Alphabet have paused buybacks after recycling $92 billion in 2024.
Private markets have already absorbed much of the new issuance, with OpenAI and Anthropic raising a combined $152 billion in 2026, but IPOs would let early investors and employees cash out and could leave a lasting stock overhang.
The change would mark a break from a de-equitisation era in which US and UK public markets shrank in each of the past four years and Magnificent 7 companies bought back $230 billion of stock in 2025.
As big tech's cash shifts from buybacks to building AI, is the stock market's long-standing safety net finally gone?
The AI boom demands trillions in investment. Can our physical infrastructure and energy grids actually sustain this digital revolution?
2026’s $4 Trillion Mega-IPOs: SpaceX, OpenAI, Anthropic, and the New Era of Tech Valuations
Overview
In 2026, the IPO market is set for a historic transformation as SpaceX, OpenAI, and Anthropic prepare to go public, with combined valuations potentially surpassing $4 trillion. SpaceX aims for a mid-June debut at up to $1.75 trillion, while OpenAI targets a $1 trillion valuation after securing record-breaking private funding. Anthropic, having completed the second-largest private tech fundraising round, joins this wave, highlighting the massive capital flowing into AI and space sectors. This surge of mega-IPOs is expected to reshape global markets, drive new investment dynamics, and set unprecedented benchmarks for valuation and growth.