SpaceX filed its S-1 IPO prospectus with the SEC in May 2026, and the ripple effects are already reshaping the tech IPO landscape. Both Anthropic and OpenAI have now confidentially filed their own draft prospectuses, setting the stage for what could become the most consequential stretch of tech listings since the dot-com era.

Anthropic submitted its confidential draft S-1 on June 1, 2026. OpenAI followed exactly one week later, on June 8. The timing is not coincidental. When a company worth nearly $2 trillion kicks open the IPO door, everyone else in the hallway tends to rush through it.

SpaceX is setting the table

SpaceX’s IPO is shaping up to be the largest in history. The company is targeting a debut valuation of approximately $1.75 trillion, with pricing expected around June 11, 2026.

The offering involves roughly 555 million shares priced at $135 each. Demand has been overwhelming, with shares reportedly oversubscribed by more than four times.

SpaceX had initially submitted a confidential draft filing back in April before making its formal S-1 public the following month.

Anthropic and OpenAI join the race

Anthropic’s filing comes on the heels of a $65 billion Series H funding round that pushed the company’s valuation to $965 billion.

OpenAI’s confidential filing on June 8 puts it in direct competition with Anthropic for investor attention and capital. Both companies are working with Goldman Sachs and Morgan Stanley on their respective IPO processes.

The anticipated public debuts for both companies are projected for late 2026 or early 2027. Expectations suggest valuations could approach or even exceed $1 trillion for each firm.

What this means for investors

The sequential timing of these filings creates a specific dynamic that investors need to understand. SpaceX goes first, and its performance on opening day and in the weeks that follow will directly influence how aggressively Anthropic and OpenAI can price their own offerings.

The concentration of advisory work at Goldman Sachs and Morgan Stanley for both AI listings raises its own questions. These banks will be managing potential conflicts, allocating institutional investor interest across competing deals, and trying to avoid a scenario where one offering cannibalizes demand from the other.

None of these three companies have any token or crypto component to their offerings, which means this is pure traditional equity competition for the same growth-seeking capital that often finds its way into crypto during quieter periods.