OpenAI and Anthropic valuations now exceed combined IPO-day value of 3,365 US tech IPOs since 1980
FinanceYF5 · x · 2026-09-24
Investor Justin Mateen highlights that OpenAI, Anthropic and SpaceX are together worth more than the combined IPO-day value of all 3,365 U.S. tech IPOs from 1980-2025.
- OpenAI and Anthropic could each reach $5-10 trillion near term yet still end up worthless without a real moat;
- SpaceX spent decades building one;
- His core argument: incremental model improvements alone won't be enough for frontier labs.
A skeptical take on the durability of frontier lab valuations.
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