13 Billionen! Riesen-IPOs häufen sich in diesem Jahr an, und die Anleger haben es richtig gut gemacht.

Yesterday, the British "Financial Times" reported, citing several directly informed sources, that the US space technology company SpaceX and the leading US large language model companies OpenAI and Anthropic are preparing for initial public offerings (IPOs) this year. It is estimated that the total offering amount will be several billion US dollars.

The total offering amount of these three transactions could exceed the sum of all approximately 200 IPOs in the US in 2025.

Currently, OpenAI is in negotiations for a new company valuation of $750 billion (about 5.2 trillion yuan). Anthropic is negotiating a new financing round, and its company valuation could exceed $300 billion (about 2.1 trillion yuan). SpaceX is currently conducting a secondary share sale, and its company valuation will reach $800 billion (about 5.6 trillion yuan).

Surprisingly, the total valuation of these three companies will amount to 13 trillion yuan.

In addition, it is generally recognized that SpaceX alone would set a record for the offering amount and would be the largest IPO of all time.

In December 2025, another foreign media company reported that SpaceX plans an IPO with a company valuation of about $1.5 trillion (about 10.6 trillion yuan) and could potentially go public in the second half of 2026.

According to company executives and informed sources, several large technology companies are also preparing for IPOs this year. These include the US data analytics company Databricks with a company valuation of $134 billion (about 937.1 billion yuan) and the Australian design platform Canva with a company valuation of $42 billion (about 293.7 billion yuan).

▲ US large technology companies planning an IPO in 2026 (Table by Zhidx)

The three most valuable private technology companies in the US are preparing for a public offering this year, fulfilling the hopes of investors and advisors that it could be a year with the richest investment returns of all time for them.

SpaceX goes public this year, Anthropic has selected a law firm, OpenAI is still negotiating

SpaceX, OpenAI, and Anthropic have started preparations for an IPO and are trying to increase their company valuations by negotiating new financings and selling shares.

According to two informed sources, SpaceX's management informed investors in recent weeks that the company will go public within the next 12 months, unless there is a severe market shock.

Anthropic has hired the US West Coast law firm Wilson Sonsini to start preparations.

According to two informed sources, OpenAI is also conducting negotiations regarding IPO preparations, including with the renowned US law firm Cooley. According to a person close to OpenAI, OpenAI has not yet selected a law firm.

However, these companies have not yet set a target for the company valuation at the IPO. OpenAI currently has a company valuation of $500 billion (about 3.5 trillion yuan) and is negotiating a new financing round with investors at a company valuation of $750 billion (about 5.2 trillion yuan) or higher. These negotiations are still in an early stage, but informed sources say that OpenAI is likely to raise hundreds of billions of US dollars in new capital.

According to several informed sources, SpaceX is currently conducting a secondary share sale, and its company valuation will reach $800 billion (about 5.6 trillion yuan).

Anthropic is also negotiating a new financing round, and investors expect the company's valuation to exceed $300 billion (about 2.1 trillion yuan).

In fact, Anthropic and OpenAI started preparations for an IPO in parallel in 2025. On the one hand, they have appointed management with experience in leading publicly - traded companies. On the other hand, they have streamlined their corporate governance structures and attracted major investors from the public market.

SpaceX could be the largest IPO of all time

The total offering amount of these three transactions would exceed the sum of all approximately 200 IPOs in the US in 2025 and would at the same time be a potential goldmine for investment banks, law firms, and a large number of investors.

Peter Thiel, co - founder of the venture capital firm Lux Capital, said: "I've never seen such a group of important companies. These three non - publicly traded companies all have the potential to rise to the list of publicly - traded companies with the highest market capitalization worldwide."

But he also said that it is unlikely, but not impossible, that these companies will all go public in 2026. If that were the case, it would be an epic event for venture capital firms, investment banks, and the lawyers involved in the transactions."

Ernst & Young, one of the "Big Four" global accounting firms, said that four US technology companies, Figma, Klarna, CoreWeave, and Chime, all went public on the US stock exchange in 2025. These companies contributed to the total offering amount of IPOs in the US market exceeding $30 billion (about 209.8 billion yuan) in the first nine months, with the majority of the capital coming from the technology sector.

Once one of these three top startups, OpenAI, Anthropic, or SpaceX, conducts an IPO, the total offering amount this year is likely to far exceed $30 billion (about 209.8 billion yuan). It is generally expected that SpaceX alone would exceed the offering amount of Saudi Aramco, which set a record of $29 billion (about 202.8 billion yuan) in 2019, and would be the largest IPO of all time.

These IPO plans could still deviate due to sudden political or economic turbulences, and after going public, these previously non - publicly traded companies will be subject to a new level of scrutiny and supervision.

SpaceX did not respond to requests for comments, and OpenAI refused to comment.

Peter Thiel's venture capital firm Founders Fund invested $20 million (about 1.4 billion yuan) in SpaceX in 2008 and has since participated in several financing rounds. Currently, the value of the cumulatively held shares is already hundreds of billions of US dollars. At the same time, Alphabet also holds shares in SpaceX worth several billion US dollars.

Khosla Ventures of Kleiner Perkins is one of the first venture capital investors in OpenAI and acquired 5% of OpenAI's shares in 2019.

Conclusion: Top technology companies are rushing to go public

From the eagerness of these top companies to go public, one can see that as representatives of a capital - intensive industry, they want to take advantage of the current optimistic sentiment in the AI market to open up a sustainable financing channel.

The AI market has recently faced new uncertainties. Due to concerns about the formation of an AI bubble, the stock prices of several large publicly - traded companies such as Oracle and Broadcom have fallen sharply. But the above - mentioned measures of these large technology companies have given them the initiative for an IPO.

Ryan Biggs, co - leader of the venture capital firm Ryan Biggs, believes that the three companies, SpaceX, OpenAI, and Anthropic, will not be completely dependent on the fluctuations of the overall market environment due to their large scale and high visibility. He thinks that if a company is a groundbreaking example and can define an entire sector, its decision to go public will not be a reaction to the macro - economic market environment. These companies are strong enough to drive the development of the macro - economic market.

This article is from the WeChat account "Zhidx" (ID: zhidxcom), author: Cheng Qian, published by 36Kr with permission.