SpaceX, OpenAI-led $240 billion IPO wave may eclipse all US startup listings since 2000

A massive IPO wave led by SpaceX, OpenAI and Anthropic is set to hit global markets this year, with companies expected to raise over $240 billion — more than the total raised by all US venture-backed IPOs since 2000, according to PitchBook.

The scale of these upcoming listings is unprecedented and could reshape how money flows across global financial markets, especially in technology and artificial intelligence sectors.

SpaceX to anchor the IPO surge

At the centre of this wave is SpaceX, led by Elon Musk, which is planning a June listing. According to multiple reports, the company is targeting a $75 billion raise at a valuation of about $1.75 trillion.

If successful, this would make it the biggest IPO ever, far surpassing the $29 billion listing of Saudi Aramco in 2019.

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Such a large offering is expected to attract huge investor interest and pull in significant capital that would otherwise flow into other parts of the market.

AI firms line up next

Following SpaceX, OpenAI is expected to go public later this year with a valuation close to $1 trillion. Rival AI firm Anthropic is also planning an IPO that could raise over $60 billion.

Together, these three companies could add nearly $3 trillion in market value, making this one of the biggest IPO waves ever seen on Wall Street.

However, there is a catch. All three firms are still not profitable, raising concerns about whether such high valuations are sustainable in the long run.

Why markets are watching closely

Experts say such large IPOs in a short period could shift money away from existing stocks and sectors.

MSCI has warned that mega listings like these can trigger large investment shifts, as funds that track indices may have to rebalance their portfolios.

This could impact major indices like the S&P 500 and Nasdaq Composite, while reducing liquidity in smaller stocks.

Big valuations, but weak profits

Despite strong growth stories, the financials of these companies remain a concern. SpaceX reported revenues of over $18 billion last year but also posted losses of around $5 billion. OpenAI and Anthropic are also believed to be loss-making.

OpenAI has missed its recent targets for user growth and revenue, raising concerns among some of its leaders about whether the company can sustain its heavy spending on data centres, according to a report by The Wall Street Journal on Monday.

This gap between high valuations and lack of profits is unusual at such a large scale and could test investor confidence.