To The Moon

As the IPO market gradually recovers in 2025, global investors have turned their attention to 2026, a year that could define the next decade. Among the many emerging tech giants rumored to be going public, two names consistently dominate the headlines: SpaceX, the space exploration company founded by Elon Musk, and OpenAI, the AI revolution spearheaded by Sam Altman.

They are not only symbols of cutting-edge technology but also have the potential to become the largest IPOs in history. If both companies do go public in the same year, how should investors choose?

🚀 SpaceX: Packing the Interstellar Future into its Prospectus

Founded in 2002 by serial entrepreneur Elon Musk, SpaceX aims to reduce launch costs through reusable rocket technology, with the ultimate goal of achieving travel to the Moon and other planets.

The company also deploys low-Earth orbit satellites through its Starlink project, providing high-speed internet to remote areas worldwide, especially those lacking fiber optic networks.

• Satellite Scale: As of mid-December last year, Starlink had 9,357 satellites in orbit, with a long-term plan to reach 42,000.

• Valuation & IPO: Elon Musk has admitted that the 2026 IPO rumors were "accurate." Multiple media outlets have reported that SpaceX may raise over $30 billion at a valuation of up to $1.5 trillion, with recent secondary market equity transactions valuing the company at $800 billion.

• Financials: Musk revealed that the company's revenue is projected to reach $15.5 billion by 2025, and its Starlink business has covered 155 countries with 9 million active users, growing by approximately 20,000 users daily.

🤖 OpenAI: The "Operating System" of the AI Era Seeks Capitalization

OpenAI's ChatGPT utilizes a large language model to achieve human-like dialogue and advanced question-and-answer capabilities, generating content in various formats such as images and code.

The software is considered the fastest-growing consumer application in history, with weekly active users exceeding 800 million last October. Although its IPO plans are not yet clear, a 2026 listing is widely considered the most likely timeframe.

• Valuation Targets: The Wall Street Journal reported last month that OpenAI may seek up to $100 billion in funding, with a projected valuation of $830 billion to $1 trillion.

• Infrastructure Costs: To realize its AI strategy, the company needs to invest heavily in infrastructure such as data centers, and has reportedly signed data center capacity contracts totaling $1.4 trillion.

• Revenue Goals: Altman previously stated that the company will achieve annualized revenue of $20 billion by 2025.

⚖️ Investment Choices: Rational Thinking Amidst Frenzied Valuations

Regardless of which company is chosen, investors will face astronomical valuations. However, analysts point out that for transformative technology companies that may define the new economy, the market often focuses more on growth potential than the valuation itself.

💡 Key Advice for Investors:

• Lock-up Clauses: Retail investors should pay special attention to IPO lock-up clauses—insiders and early investors must hold the shares for a period after the company goes public before they can sell.

• Timing: Experts advise against chasing high prices on the first day of listing and suggest waiting until market sentiment becomes more rational after the lock-up period ends before making a decision.

Conclusion

This epic IPO showdown is not only a grand event for the capital market but will also test investors' value judgments on "future technologies"—will they choose a hard-tech giant conquering space, or bet on an AI revolution pioneer reshaping human interaction?

As the clock strikes midnight on 2026, the answer is slowly emerging. ⏳

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