Three of the world's leading artificial intelligence companies—SpaceX, OpenAI, and Anthropic—are accelerating plans to go public, opening a new front in the high-stakes competition for dominance in the AI sector. Investors eager to gain exposure to these previously private firms are poised to drive hefty valuations.
SpaceX, now merged with Elon Musk's xAI, is first to move. The company filed for an initial public offering and is reportedly targeting a record-breaking $1.75 trillion valuation, with a mid-June debut on the horizon. Its preliminary prospectus, filed Wednesday, reveals a $4.28 billion loss in the first quarter of 2026 on $4.69 billion in revenue, and a $4.94 billion loss for full-year 2025 on $18.67 billion in revenue.
Despite the losses, SpaceX is pouring capital into AI, spending $7.72 billion on the segment in Q1 2026 alone—far more than the $1.05 billion on space or $1.33 billion on connectivity. The company aims to position itself as a central player in AI infrastructure, including data centers in space, rather than just a traditional aerospace firm.
“A lot of people look at it still as more of a traditional aerospace type company, and it's really trying to be at the center of AI infrastructure,” said Brad Gastwirth, global head of research at Circular Technology.
OpenAI appears next in line. The Wall Street Journal reported Wednesday that the ChatGPT maker is preparing to file for an IPO in the coming weeks, eyeing a September debut. In its latest funding round in March, OpenAI raised $122 billion at a valuation of $852 billion, touting $2 billion in monthly revenue. However, the company faces doubts about its ability to sustain massive computing commitments.
“OpenAI is one of the rare private companies whose products are already used daily by hundreds of millions of users,” said Minmo Gahng, assistant professor of finance at Cornell University. “But the same growth story requires enormous capital spending. Competition from Anthropic, Google, Meta, and others makes the path to durable positive cash flow uncertain.”
OpenAI's unique governance structure—a for-profit arm controlled by a nonprofit foundation—adds complexity. “The deeper tension is governance,” Gahng noted. “Its directors must balance shareholder returns against the broader nonprofit mission.” This structure has fueled a high-profile legal dispute with Musk, raising the stakes of the IPO race.
Anthropic, meanwhile, has been securing deals to boost computing capacity, including a $1.25 billion per month agreement with SpaceX through 2029, as revealed in Wednesday's filing. The company's need for capital reflects the broader trend: Bank of America analysts estimate total AI capital expenditures could reach $800 billion in 2026 and top $1 trillion in 2027.
“The amount of money that these companies are spending on AI infrastructure is just so, so large,” Gastwirth said. “The easiest way to get that substantial liquidity at this scale is from an IPO.”
The rush to public markets comes as the AI race shows no sign of slowing, with tech giants and startups alike vying for the computing power needed to develop and run new models. For investors, the IPOs offer a rare chance to bet on the sector's biggest players—but the massive capital requirements and uncertain profitability pose significant risks.
