OpenAI, Anthropic and SpaceX IPO valuations compared to historical tech listings

By Splitfeed EditorialLast updated Sep 26, 2026, 19:17 UTC

In late September 2026, financial reporting placed the combined projected valuations of OpenAI, Anthropic, and SpaceX at more than $5 trillion, a figure described as exceeding the total value of every technology IPO conducted over the previous 45 years. That comparison, if the valuations hold, would make this cluster of listings one of the most consequential moments in the history of public markets. At the same time, reporting indicated that both OpenAI and Anthropic were reconsidering either the timing or the structure of their planned public offerings, and that Anthropic's situation was creating complications for OpenAI specifically as it approaches its own listing. President Trump, during this same period, stated publicly that artificial intelligence requires no regulatory brakes.

The historical framing is what gives this story its weight. A combined valuation surpassing 45 years of technology IPOs is not a marginal milestone; it suggests that markets are pricing in a fundamental shift in where economic value is expected to be created. But projections attached to pre-IPO companies are inherently soft, and the fact that both OpenAI and Anthropic are reconsidering their plans introduces real uncertainty about whether and when these numbers will be tested by public markets. The relationship between the two companies adds another layer, since Anthropic, founded by former OpenAI employees, now competes directly with it and appears to be affecting OpenAI's positioning ahead of any offering. Trump's remarks on regulation sit in the background, signaling a political environment that could accelerate or shape how these listings proceed.

None of the three camps, Pro-AI, Anti-AI, or Middle Ground, had published reactions to this story at the time of writing. Pro-AI voices would typically treat valuations of this scale as validation that the technology has moved from speculative to foundational, pointing to market confidence as evidence that AI is delivering real economic value. Anti-AI voices would more likely flag the gap between projected valuations and demonstrated profitability, and raise concerns about what public listings of companies this large, in a sector with limited regulatory oversight, could mean for accountability and systemic financial risk. Middle Ground observers would probably focus on the structural questions, whether these valuations are sustainable, what governance changes accompany any IPO, and whether public market scrutiny will impose discipline that private funding rounds have not.

The clearest signals to watch are any formal IPO filings or prospectus releases from OpenAI or Anthropic, which would convert projected valuations into figures subject to public scrutiny and regulatory review. Any move by the SEC or other bodies to weigh in on the structure of these offerings, particularly given the governance complexities both companies have navigated, would also shift the debate considerably.