IPO investors could be spoiled this year, as three AI juggernauts in SpaceX, OpenAI, and Anthropic look to go public.
Undoubtedly, it’s quite unusual to have such mega-cap tech titans land on the public markets with valuations in the hundreds of billions, and, in the case of SpaceX, the trillions. Indeed, it’s tough to know how high SpaceX’s market cap will fly on the opening day.
But let’s just say that $1.75-2 trillion wouldn’t be all that out of the ordinary, especially given the sky-high barriers to entry and the profitability potential of Starlink, which is now on track for $20 billion in annual revenue with significant EBITDA margins.
The growth engine is further bolstered by the TeraFab joint venture with Intel, aimed at producing massive AI compute capacity, and the potential to acquire AI coding play Cursor for $60 billion. This positioning suggests SpaceX is evolving beyond a launch provider into a dominant semiconductor and infrastructure power player.
Either way, the S&P 500 is probably going to look quite a bit different in a year or two from now, especially as we enter the next stages of the AI boom, with agents, robots, and maybe even space-based data centers.
Massive market caps, massive growth profiles amid the AI boom
Of course, there’s just so much excitement to be had from the headliner that is the SpaceX-xAI IPO. Space and frontier AI innovation come in one large package, particularly following the Colossus 1 supercomputer partnership. For investors looking to spread their bets more broadly on AI model makers, though, picking up shares of OpenAI or Anthropic remains the primary play. While Anthropic has gained momentum with Claude Mythos—now positioned as a restricted, high-end enterprise security tool—it recently secured a massive compute deal to utilize SpaceX’s infrastructure.
Despite Anthropic’s headlines, investors shouldn’t lose track of Sam Altman’s OpenAI. The firm has responded to market-moving innovations with the rollout of GPT-5.5 and a new integrated financial services dashboard. These vertical-specific agents, including deep integrations with platforms like Plaid, signal a shift from general model making to a comprehensive productivity and financial platform.
Whether we’re talking about this shift into enterprise utility or the roadmap toward GPT-6, OpenAI maintains a heftier valuation than Anthropic for its expanding ecosystem footprint.
The S&P 500 is bound to change in a big way over the next two years, thanks to the mega IPOs
Though, questions linger as to what will happen after shares go live on public markets, given increased anxiety about the financial situation. For now, OpenAI has plans to reserve a big chunk of IPO shares for the retail crowd. This, combined with the new ad-based revenue models and high-margin enterprise subscriptions, may help offset the immense compute costs associated with frontier models.
In any case, it’ll be interesting to see how the S&P 500 stands to be reshaped in the coming two years or so as they meet the eligibility requirements. Given the rules, each mega IPO will have to spend at least a year in the waiting room before it’s added to the S&P 500. However, the sheer scale of a $1 trillion-plus company joining the index may force a reevaluation of traditional seasoning protocols.
Either way, it’s time for a new acronym, one that goes beyond the Magnificent Seven for 2027 and beyond.
Editor’s Note: This article has been updated to include Starlink’s $20 billion revenue projections, details on the GPT-5.5 rollout and its financial dashboard features, Anthropic’s infrastructure deal with SpaceX, and the specific classification of Claude Mythos as a restricted cybersecurity tool.
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