SpaceX has taken a significant step toward going public, reportedly submitting a confidential filing for a U.S. initial public offering. The move positions Elon Musk’s rocket and satellite company at the forefront of a new wave of high-profile listings expected to reshape public markets in 2026.
If completed, the offering could become the largest IPO in history. Analysts estimate that a raise exceeding $25.6 billion would surpass Saudi Aramco’s record-setting 2019 debut. The potential listing comes as SpaceX continues to expand its role beyond aerospace, particularly following its acquisition of Musk’s artificial intelligence startup xAI earlier this year.
The integration of xAI signals a broader strategy to combine space infrastructure with AI capabilities, including data processing and satellite-enabled services. This convergence reflects growing investor interest in companies that operate across both physical and digital infrastructure layers.
Wall Street expects 2026 to mark a strong recovery in IPO activity after several subdued years. Goldman Sachs has projected that U.S. IPO proceeds could reach as much as $160 billion, driven by pent-up demand and a backlog of large private companies preparing to go public.
However, market conditions remain uncertain. Geopolitical tensions and ongoing volatility in global equities could influence timing and valuations for major listings.
AI Companies Prepare for Public Market Debuts
Alongside SpaceX, leading artificial intelligence firms are also laying the groundwork for potential IPOs. OpenAI is reportedly exploring a public listing that could value the company at up to $1 trillion, reflecting its rapid growth and central role in the generative AI market. While the company has previously indicated that an IPO is not imminent, preparations suggest a longer-term path toward public markets.
Anthropic, the developer of the Claude AI model, is also preparing for a potential listing in October. The company has engaged legal advisors as part of early-stage IPO planning, with reports indicating a possible debut as soon as 2026.
These developments highlight a broader shift in the technology sector, where AI companies are transitioning from research-focused organizations to large-scale commercial platforms. With increasing revenue, enterprise adoption, and infrastructure investments, firms like OpenAI and Anthropic are positioning themselves to meet public market expectations.
The convergence of AI and capital markets reflects rising demand for exposure to next-generation technologies. As companies scale their models and expand into enterprise applications, IPOs are emerging as a key mechanism to fund continued growth.
If market conditions stabilize, the simultaneous entry of SpaceX, OpenAI, and Anthropic could define the next phase of the tech IPO cycle, with AI-driven businesses at its core.