SpaceX vs Anthropic: Here's Which Mega-IPO I'm More Likely to Buy
Written by Matt Frankel for The Motley Fool -> We're in uncharted territory when it comes to IPOs. Prior to 2026, the largest IPO in U.S. history was Alibaba (NYSE: BABA) , which raised about $25 billion in late 2024 at a market capitalization of roughly $230 billion. This year
We're in uncharted territory when it comes to IPOs. Prior to 2026, the largest IPO in U.S. history was Alibaba (NYSE: BABA) , which raised about $25 billion in late 2024 at a market capitalization of roughly $230 billion.
This year, there's a possibility we'll see not one but three companies with trillion-dollar valuations when their shares start trading. SpaceX, Anthropic, and OpenAI are all expected to go public before the end of the year, and the trio could raise $240 billion at a combined valuation of more than $4 trillion.
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SpaceX is furthest along in the process. It has already made its S-1 filing public, and its shares are expected to start trading on June 12 at a valuation of about $1.77 trillion. Anthropic is the next in line, having recently filed a confidential S-1, indicating that we're within a few months of its public debut.
To be sure, there's a lot we don't know yet, especially when it comes to Anthropic . But based on what we know now, one looks like the more attractive option to me.
SpaceX is the more complex business of the two, with three distinct parts:
Starlink itself is highly profitable, but the business is losing money overall. The company produced about $18.7 billion in revenue in 2025 (up 33% year-over-year) and produced a $4.9 billion net loss. However, the company was profitable on an adjusted EBITDA basis.
At its core, Anthropic is a software business. It has emerged as the leader in AI models with its Claude family of products. Claude subscribers include enterprises, developers, individuals, and more, and tools like Claude Code are gaining popularity rapidly.
