SpaceX, Anthropic, and OpenAI now valued at $5.2T, more than every US tech IPO of the past 45 years combined

Three companies. $5.2 trillion. That’s the combined projected valuation of SpaceX, Anthropic, and OpenAI, a number that eclipses the total first-day market value of every single US tech IPO from 1980 through 2025. All 3,365 of them topped out at roughly $4.1 trillion.

The data comes from a report by economist Steve Rattner and University of Florida professor Jay Ritter.

The numbers behind the AI valuation surge

SpaceX set the tone in June 2026 when it debuted on Nasdaq at an approximate $2 trillion valuation, raising around $75 billion in what became the largest IPO in history by proceeds.

Anthropic closed a $65 billion funding round in May 2026, which valued it at $965 billion. It has since confidentially filed for an IPO that could target a valuation upwards of $2 trillion.

OpenAI raised $122 billion in March 2026 at a valuation of $852 billion. Discussions about its own public offering suggest a target near $1.2 trillion, though the company has reportedly pushed its IPO timeline to 2027. OpenAI anticipates a net loss of approximately $14 billion for 2026.

Add up the target valuations, $2 trillion for SpaceX, up to $2 trillion for Anthropic, and roughly $1.2 trillion for OpenAI, and you land at the $5.2 trillion figure. That’s more than four decades of tech IPO value creation, compressed into three balance sheets.

What this means for investors and markets

SpaceX’s $2 trillion IPO gives it a market cap comparable to Apple or Microsoft. OpenAI, by contrast, is projecting a $14 billion loss this year.

The forthcoming IPOs from Anthropic and OpenAI will function as a real-time stress test for investor appetite. If Anthropic can debut at or near its $2 trillion target, it validates the thesis that AI companies deserve sovereign-nation-scale valuations.