SpaceX, Anthropic, OpenAI Combined Valuation of $5.2T Exceeds All US Tech IPOs Since 1980

A viral chart based on a Sage Road Research report circulated in late September: Anthropic is expected to IPO within weeks at a $2 trillion valuation, SpaceX began trading at a $2 trillion market cap after its June IPO, and OpenAI is considering a private raise at a $1.2 trillion valuation with a planned listing next year. The three private companies' combined valuation of roughly $5.2 trillion exceeds the $4.1 trillion total first-day market cap of all 3,365 US tech IPOs from 1980 to 2025. Investor Justin Mateen earlier cited the same comparison.

Confirmed

• Anthropic's investors expect a $2T valuation at its IPO within weeks (per FT)
• SpaceX began trading at a $2T market cap after its June IPO
• OpenAI is weighing a $1.2T private raise and plans to list next year
• The combined $4.1T first-day market cap of 3,365 US tech IPOs from 1980-2025 is below the $5.2T combined valuation of the three companies

Unconfirmed

• Final valuations and timelines for all three remain uncertain, especially OpenAI's contemplated raise

Why it matters

• The comparison shows AI is pulling trillion-dollar price discovery into the private market, whose scale now exceeds 45 years of US tech IPO history
• Investors like Mateen caution that high valuations guarantee nothing—the three may end very differently
• The Sage Road Research report relayed by FinanceYF5 also notes deep financial entanglement between AI leaders and incumbent tech giants, a potential channel for systemic risk

2026-09-24 ~ 2026-09-26 · 6 related posts

• OpenAI, Anthropic and SpaceX Valuations Top 45 Years of US Tech IPO Debut Market Caps — FinanceYF5 · 2026-09-24
• [source] SpaceX, Anthropic and OpenAI are worth $5.2T combined — more than 45 years of US tech IPOs — rohanpaul_ai · 2026-09-26
• [source] AI IPOs over $5T may exceed 45 years of tech IPOs, tied to Big Tech books — FinanceYF5 · 2026-09-26

3 near-duplicate retellings: FinanceYF5 · FinanceYF5 · FinanceYF5