OpenAI, SpaceX and Anthropic Pre-IPO Watch: IPO Buzz, Valuation Debate and AI Compute Demand

OpenAI, SpaceX and Anthropic Pre-IPO Watch: Market Overview

SpaceX, OpenAI and Anthropic are drawing market attention as IPO reports, private-market valuations and AI infrastructure deals reshape the pre-IPO technology cycle.

Key Points on OpenAI, SpaceX and Anthropic

• SpaceX is leading the pre-IPO cycle after Reuters reported IPO plans involving a potential $75 billion raise, a valuation of up to $1.75 trillion and a roadshow targeted for the week of June 8.
• OpenAI is drawing attention after its CFO said the company plans to reserve a portion of future IPO shares for individual investors, while its $852 billion valuation faces broader market debate.
• Anthropic is turning the AI story into an infrastructure story after reports of a $1.8 billion Akamai cloud deal and fresh fundraising discussions tied to compute expansion.

Pre-IPO Tech Moves Into the Market Spotlight

OpenAI, SpaceX and Anthropic have become three focal points in the private technology market.

The three companies are not publicly traded yet, but their reported valuations and possible IPO timelines are already shaping conversations around AI, commercial space and compute infrastructure. Reuters has reported that SpaceX, OpenAI and Anthropic could form part of a major IPO wave that may add about $3 trillion in combined market value to U.S. equities if they list at expected valuations.

That is the real market story: the next major technology trade may not only come from listed stocks. It may also come from late-stage private companies that are large enough to influence sentiment before they reach public markets.

SpaceX IPO Buzz Leads the Pre-IPO Cycle

SpaceX is currently the clearest catalyst in the pre-IPO technology cycle.

Reuters reported that SpaceX has moved closer to going public after a confidential filing. The company later outlined IPO plans that could raise about $75 billion and value SpaceX at up to $1.75 trillion. The roadshow is reportedly targeted for the week of June 8, with a large retail-focused investor event planned for June 11.

The appeal is easy to understand. SpaceX combines reusable rockets, launch services and Starlink’s satellite internet business. That makes it more than a space company. It is also a commercial infrastructure story.

The retail angle is also important. Reuters reported that Elon Musk has discussed allocating as much as 30% of the SpaceX IPO to individual investors, far above the usual retail allocation in many public offerings.

Still, none of this removes the uncertainty. IPO timing, valuation and final allocation can change before the deal is launched.

OpenAI IPO Attention Comes With a Valuation Debate

OpenAI is the second major pillar of the pre-IPO technology cycle.

The company has massive public recognition through ChatGPT. Reuters reported that OpenAI CFO Sarah Friar told CNBC the company plans to reserve a portion of future IPO shares for individual investors. OpenAI also raised more than $3 billion from individual investors in its latest funding round, which closed with $122 billion in committed capital at a post-money valuation of $852 billion.

But OpenAI is not just an “IPO hype” story. It is also a valuation debate.

Reuters reported that SoftBank reduced the target size of a margin loan backed by its OpenAI stake from $10 billion to as low as $6 billion, with creditor concerns around valuing a privately held company.

So the cleaner takeaway is this: OpenAI remains one of the most watched private AI companies, but its valuation has also become one of the market’s biggest open questions.

Anthropic Turns AI Into an Infrastructure Story

Anthropic’s current market relevance is not only about Claude.

The stronger theme is AI infrastructure. Reuters reported that Anthropic signed a $1.8 billion cloud computing deal with Akamai Technologies, according to Bloomberg News. The agreement is intended to support growing demand for Anthropic’s AI software.

Anthropic also announced in February that it raised $30 billion in Series G funding at a $380 billion post-money valuation. The company said its run-rate revenue had reached $14 billion, with more than 500 customers spending over $1 million annually.

The next question is how much compute the company needs to keep scaling. Reuters separately reported that Anthropic is weighing a major fundraising round to expand computing capacity, which could lift its valuation close to $1 trillion, according to the Financial Times.

That makes Anthropic different from a normal software company. It is an AI model company, but it is also becoming part of the larger cloud and compute capacity cycle.

What the Market Is Watching in the Pre-IPO Tech Cycle

The shared theme is clear: private technology giants are becoming market narratives before they become public stocks. But pre-IPO attention does not remove uncertainty. Reported valuations, IPO timelines, fundraising plans and retail allocation structures can still change.

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