3 Companies Are Now Worth More Than 3K Tech IPOs
Just three private companies, OpenAI, Anthropic and SpaceX $SpaceX(SPCX)$ , now carry a combined valuation of roughly $5.2T.
That is more than the estimated $4.1T combined valuation of 3,365 U.S. tech
companies that went public between 1980 and 2025.
The concentration is striking. OpenAI alone is valued at around $1.2T, while
Anthropic and SpaceX are each shown at roughly $2T.
By comparison, the average company across those thousands of historical tech IPOs works out to about $1.2B.
It is an extreme illustration of how much capital and expected future growth are becoming concentrated in a very small group of private technology companies, particularly those at the center of AI and next-generation infrastructure.
Three companies. More than four decades of tech IPOs.
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