SpaceX Just Changed the Rules for Every Future IPO. The Market is Now Eyeing These 2 Upcoming IPOs.

The first half of 2026 is over, and nothing has sparked more excitement on Wall Street than blockbuster initial public offerings (IPOs). Investors watched AI chipmaker Cerebras Systems (CBRS) make a stunning debut with its IPO in May, proving that demand for next-generation artificial intelligence (AI) companies remains exceptionally strong. Then came Elon Musk’s SpaceX (SPCX), which has long been one of the world's most sought-after private companies. The long-awaited IPO became the largest in history. The company priced its offering at $135 per share on June 11 and began trading on the Nasdaq under the ticker SPCX on June 12, raising $75 billion at an initial valuation of roughly $1.77 trillion. 

The stock surged 19% on its debut, briefly lifting SpaceX's market cap above $2 trillion. However, shares have now pulled back amid broader concerns about lofty valuations and the company's aggressive spending plans. SPCX stock is still seeing quite a lot of volatility and is down another 6% as of this writing. It is presently trading just a little above its all-time low price.

These 2 Stocks Could Be Next

Founded in 2002, SpaceX remained private for a long time. It repeatedly raised tens of billions from private investors and reached an enormous valuation before considering a public listing. After SpaceX's explosive entry, the market is now looking forward to OpenAI and Anthropic’s IPOs. Both companies have taken the first formal step by confidentially filing the draft registration statements with the U.S. Securities and Exchange Commission (SEC). A confidential filing lets a company start the IPO review process while keeping its financial statements and offering details private until a later stage.

OpenAI Is Taking a Patient Approach

OpenAI is an AI company best known for ChatGPT. The company develops generative AI models and software that allow users and businesses to create content, write code, analyze data, and automate complex tasks. Earlier this month, OpenAI confirmed that it had confidentially filed for a U.S. IPO.  However, more recently, Reuters reported that OpenAI is considering delaying its IPO until 2027 rather than rushing to market this year, as it seeks a valuation of up to $1 trillion. This could be because of recent investors’ caution towards AI stocks that has led to a broader tech selloff. This decision aligns with SpaceX's strategy to remain private until it has reached enormous scale.

Anthropic May Beat OpenAI to Wall Street

If OpenAI delays its IPO, that leaves the door wide open for Anthropic to reach Wall Street first. Anthropic develops large language models (LLMs) and enterprise AI software and is best known for its Claude family of AI assistants. The general idea behind an IPO is to raise capital. But the company has already raised a significant amount of money through private funding. After a series of funding rounds, the company has now reached a valuation of roughly $965 billion. So, it is under no pressure to access public markets for capital.

Anthropic hasn’t disclosed any details about the size of the offering, expected pricing, or listing timetable. This means a confidential filing allows management the flexibility to launch an IPO whenever market conditions are most favorable, while some predict it could be around the fall this year. According to CNBC, Anthropic generated $4.8 billion in revenue in Q1 and is on track to bring in $10.9 billion in the second quarter. 

Why the SpaceX IPO Playbook Makes Sense for These AI Leaders

Although SpaceX operates in the space industry, while Anthropic and OpenAI work as pure-play AI companies, they share some features, which explains why the SpaceX IPO model would work for them. All three operate in industries that require an enormous amount of capital. Earlier, start-ups often went public to raise money. Today, however, the private funding system is much larger. 

For instance, OpenAI needed tens of billions of dollars for GPUs, data centers, and AI research. Microsoft (MSFT) and many other investors provided huge amounts of funding. Microsoft is now the company’s largest shareholder.

Likewise, Anthropic has secured multi-billion-dollar backing from Amazon (AMZN) and Alphabet (GOOG) (GOOGL), both of which also provide the cloud infrastructure needed to train and deploy its AI models. That gave Anthropic access to capital without needing an IPO immediately. Both companies continued investing aggressively in their long-term vision without the pressure of investors questioning quarterly losses. 

Interestingly, earlier when OpenAI announced its IPO, it clarified that the filing should not be interpreted as an imminent listing, stating that “there are things we want to do that are likely easier as a private company.” Furthermore, like SpaceX, OpenAI and Anthropic have also built globally recognized brands while staying private. So by delaying their IPOs, these companies had time to fine-tune their products, expand revenue streams, and achieve a leadership position in their respective industries before exposing themselves to the quarterly scrutiny of public markets. An IPO now will allow new investors access to a business that is already more mature than venture-backed IPO candidates.

To summarize, SpaceX focused on building first, scaling privately, and then considering an IPO once the business had reached a much more mature stage. SpaceX is now the leading commercial space company, operating across three major businesses: rocket launches, satellite internet, and space exploration. According to its recent filings, revenue continues to grow at an impressive pace, Starlink has become a powerful recurring revenue engine, and the company maintains a strong balance sheet. Furthermore, it continues investing aggressively in technologies that could define the future of aerospace, communications, and AI. The SpaceX IPO also drew investors’ interest in other emerging space companies such as Rocket Labs (RKLB) and Redwire (RDW). 

The IPO playbook that SpaceX followed will probably work for Anthropic and OpenAI when they launch their IPOs. 

On Wall Street, SPCX stock has now earned a consensus “Moderate Buy” rating. Of the 10 analysts that cover the stock, four rate it a “Strong Buy,” five say it is a “Hold,” and one rates it a “Moderate Sell.” The average target price of $204.14 implies an upside potential of 27% from current levels. Plus, its high price target of $401 suggests the stock can rally over 149% in the next 12 months.