Will SpaceX, OpenAI and Anthropic make 2026 the year of mega tech listings?

Fresh from his online mauling at the hands of Ryanair’s Michael O’Leary, the world’s richest man can take some consolation. Elon Musk’s SpaceX is reportedly “lining up” four Wall Street banks to advise on “a record-breaking IPO”, and it could make the rocket group – already the world’s most valuable startup – the biggest flotation in history, valued as highly as $1.5 trillion, said the FT.

No final decision has been taken, but the float may come as soon as this year. SpaceX’s soaring valuation has been driven by its “cemented” status as the leading US developer of commercial rockets for space exploration – and its Starlink satellite service. Markets were already anticipating a feast of “US mega listings”, with two big beasts of generative AI – OpenAI and Anthropic – also plotting potential floats.

Still, don’t get too “starry-eyed”, said Katie Prescott in The Times. Both are growing at a rate of knots: OpenAI’s annualised revenues rose above $20 billion in 2025. But they’re spending billions more. Staying private would keep “a comfortable cloak of secrecy over their operations”, giving time “to unpick their devilishly complex corporate structures”.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

Much of the secrecy around OpenAI has already been blown open by the “increasingly public legal beef” between CEO Sam Altman and Musk, said Bloomberg. Musk, who is suing OpenAI for $134 billion, accuses its management of violating original promises about its governance (he was an early investor) and he has been providing “a steady drip of juicy internal documents”. Altman counters that Musk wants to take OpenAI down to boost his own xAI business. Certainly, this suit “poses an existential threat to OpenAI”, said Danny Fortson in The Sunday Times. “It could prove decisive in the battle for who prevails in the multitrillion-dollar race for AI dominance.”