Three of the most highly valued private U.S. technology companies are preparing to initiate their public listing processes as early as this year, sparking anticipation among their investors and advisors for what could be the most profitable year yet.
According to multiple sources with direct knowledge of the plans, Elon Musk's rocket manufacturer SpaceX, along with AI startups OpenAI and Anthropic, are all advancing their listing preparations, with the total fundraising expected to reach tens of billions of dollars.
These three deals alone would surpass the combined funds raised by approximately 200 U.S. initial public offerings (IPOs) in 2025, and are seen as a potential "gold mine" for investment banks, law firms, and investors.
"I have never seen a lineup like this—three private companies that, once public, are all expected to rank among the world's top listed companies by market capitalization," said Peter Hébert, co-founder of venture capital firm Lux Capital.
"It is unlikely that all three companies will go public in 2026, but it is not entirely impossible. If it happens, it will deliver massive returns to venture capitalists, bankers, and the lawyers handling the deals."
According to two informed sources, SpaceX executives have recently informed investors that, barring a major market shock, the company intends to complete its listing within the next 12 months.
Anthropic has already engaged the West Coast law firm Wilson Sonsini to begin preparations for its public offering.
Two other sources stated that OpenAI is also in discussions with top-tier firms, including Cooley LLP, regarding IPO preparation. A person close to the company revealed that the parent of the AI chatbot ChatGPT has not yet finalized its legal advisory team.
None of the three companies have set a target valuation for their IPOs. OpenAI, currently valued at $500 billion, is negotiating a new funding round aiming for a valuation of no less than $750 billion. Sources indicated these talks are preliminary, but the round could raise tens of billions of dollars.
Multiple sources reported that SpaceX is proceeding with a secondary share sale that would value the company at $800 billion.
Anthropic is also discussing a new funding round, with investors expecting its valuation to exceed $300 billion.
In April 2025, Donald Trump's announcement of large-scale tariffs dealt a blow to hopes of a recovery in major tech listings, and the U.S. government shutdown in October of the same year further dampened the outlook.
According to data from EY, IPOs by tech companies like Figma, Klarna, CoreWeave, and Chime in 2025 drove the total U.S. IPO fundraising in the first nine months to over $30 billion, with the majority of capital coming from the tech sector.
Industry insiders note that if just one of these three major tech startups successfully lists, the total U.S. IPO fundraising for the year could far exceed that figure. It is widely anticipated that SpaceX's fundraising alone could surpass the record $29 billion set by Saudi Aramco in 2019, making it the world's largest IPO.
However, these listing plans could still be derailed by sudden political or economic turmoil; furthermore, going public would subject these private companies to unprecedented levels of scrutiny.
SpaceX did not respond to requests for comment, and OpenAI declined to comment.
According to company executives and informed sources, several other large private companies are also vying for a listing this year, including the data analytics firm Databricks, valued at $134 billion, and the design platform Canva, valued at $42 billion.
Peter Thiel's venture firm Founders Fund, which invested $20 million in SpaceX as early as 2008 and has participated in multiple subsequent funding rounds, now holds a stake worth tens of billions of dollars; meanwhile, Google parent Alphabet also holds a multi-billion dollar stake in SpaceX. As one of OpenAI's earliest venture backers, Khosla Ventures invested in the company in 2019 and holds a 5% stake.
In 2025, to adapt to public market operations, both Anthropic and OpenAI began making preparations: hiring executives with public company experience, refining their corporate governance structures, and bringing in large public market investors.
Despite recent market uncertainties, these measures have positioned both companies to choose their own listing timeline independently. Previously, concerns about an AI bubble had led to significant stock price declines for major public companies like Oracle and Broadcom.
Ryan Biggs, co-head of venture capital at Franklin Templeton, stated that the sheer size and prominence of SpaceX, OpenAI, and Anthropic mean their post-IPO performance would not be entirely dependent on the broader market environment.
He pointed out: "For these epoch-defining companies that have created entirely new industry categories, the decision to go public is not a passive reaction to macro market trends. These companies are powerful forces in their own right, capable of shaping the macro market's direction."
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