OpenAI, Anthropic and SpaceX Valuations Top 45 Years of US Tech IPO Debut Market Caps
FinanceYF5 · x · 2026-09-24
The combined valuations of OpenAI, Anthropic and SpaceX now exceed the total first-day market caps of all 3,365 US tech IPOs from 1980 to 2025, per the author.
But he argues their fates may diverge sharply: OpenAI and Anthropic could hit $5-10 trillion valuations short-term yet still go to zero if they never build a durable moat — small model improvements alone won't cut it. SpaceX, by contrast, spent decades constructing its moat.
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