SpaceX Sets Nasdaq Listing at $1.77 Trillion Valuation
SpaceX is set to list on the Nasdaq at a fixed $135 a share, selling 555.6 million shares for a $75 billion raise at a $1.77 trillion valuation. Anthropic filed confidentially on June 1 at a $965 billion valuation. OpenAI followed on June 8, eyeing a fall listing. SpaceX’s raise alone is slated to be more than the $47.4 billion the entire U.S. IPO market raised in 2025.
IPO Concentration Signals
These three companies could very well be the entire 2026 IPO class according to Crunchbase News. SpaceX is reserving as much as 30% of the deal, roughly $22.5 billion, for retail investors. Bloomberg reported last week that with brokerage cash balances low, retail investors may have to sell existing holdings to fund their SpaceX orders, with Tesla and Bitcoin the most likely sources. Crypto’s own IPO pipeline stalled this year as capital rotated toward AI.
Limited Direct Impact on Broader Market
After four years of a venture liquidity drought the read across the industry is simple: the IPO window is finally open again. A small number of funds and pre-IPO sellers get liquidity while three tickers absorb the available capital and attention. If you run an early-stage company, the window reopening for SpaceX does very little for you directly.
Shift Toward M&A Activity
A public SpaceX, OpenAI and Anthropic would become some of the best-capitalized acquirers on the planet according to Crunchbase News. OpenAI has already closed roughly half a dozen acquisitions this year, nearly matching its full 2025 total. AI dealmaking across the market rose about 90% year over year in the first quarter. The vast majority of venture exits have always been acquisitions according to Crunchbase News.
