3 Mega-IPOs Could Dump $3 Trillion in Overvalued Tech Onto Public Markets

SpaceX, OpenAI, and Anthropic are preparing for a historic wave of IPOs, potentially introducing $3 trillion in tech valuations to public markets. SpaceX aims for a $1.75 trillion valuation with a June listing, seeking $75 billion. OpenAI targets a $1 trillion valuation for Q4 2026 or Q1 2027, while Anthropic is expected to raise over $60 billion in Q4 2026. Combined, these companies represent nearly $3 trillion in market cap. Skeptics worry that public investors will be buying at peak private valuations, with early backers cashing out. OpenAI, projected to lose $14 billion in 2026 and not expected to be profitable until 2029-2030, faces challenges despite its CFO's concerns about spending. Anthropic, however, shows stronger revenue growth and a cleaner enterprise customer base, projecting positive free cash flow by 2027, though neither is profitable yet. The timing and sequencing of these IPOs are crucial, with Anthropic potentially offering a more appealing financial narrative to Wall Street.

(Source：BeInCrypto)