TLDR

• SpaceX has confidentially filed for an IPO, seeking a $1.75 trillion valuation and $75 billion capital raise
• OpenAI and Anthropic are also expected to go public later in 2026, potentially totaling over $3 trillion combined
• The 2026 IPO market has fewer listings but bigger deals — proceeds are up 35% despite a 41.5% drop in the number of IPOs
• Recent large IPOs have a poor track record: most mega-IPOs since 1999 lost value within six months of listing