Mega IPOs on the way: SpaceX releases filing as OpenAI reportedly prepares for September listing

In a significant development for the tech industry, SpaceX Corp. has officially filed for its initial public offering (IPO), aiming to raise an unprecedented $80 billion or more. This announcement comes at a pivotal time as reports suggest that OpenAI Group PBC is also preparing to submit its IPO paperwork, potentially as soon as this Friday. While the Wall Street Journal indicates that OpenAI could go public in September, sources have noted that this timeline is subject to change, reflecting the fluid nature of the IPO process.

The timing of these IPO announcements is particularly noteworthy, as they follow a recent legal victory for Elon Musk, who had previously filed a lawsuit against OpenAI. The dismissal of this high-profile case could have alleviated some concerns regarding the potential complications for OpenAI's public offering. Meanwhile, Anthropic PBC, a leading competitor in the AI sector, is also expected to file for its IPO later this year, indicating a growing trend of AI companies seeking public investment.

SpaceX's Financial Landscape

SpaceX's financial performance has shown both growth and challenges. In the first quarter, the company reported sales of $4.69 billion, marking a 15% increase year-over-year. However, this growth is notably slower than the 33% increase seen in 2025. Additionally, SpaceX faced significant expenditures, resulting in a net loss of $4.28 billion for the quarter, slightly less than the $4.94 billion loss recorded for the entirety of 2025.

A key driver of SpaceX's revenue is its Starlink internet constellation, which generated $3.25 billion in sales during the first three months of 2025, reflecting a 27% increase compared to the same period last year. Starlink's performance is crucial as it accounts for all of SpaceX's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). The company is focused on expanding its connectivity services, with plans to launch a new satellite design known as V3. This advanced satellite system is designed to provide a terabit per second of download bandwidth, significantly outpacing current models by offering ten times more capacity. The V3 satellites will also feature specialized antennas, allowing user devices to connect without the need for standalone terminals.

SpaceX is set to begin deploying the V3 satellites in the latter half of 2026, utilizing its latest Starship rocket. Each launch is expected to carry 60 satellites, which would enhance the company's ability to deliver bandwidth by a factor of twenty compared to its existing Falcon rocket. Looking further ahead, SpaceX plans to equip some of these satellites with artificial intelligence chips, enhancing their operational capabilities. The IPO filing notes that these AI-equipped systems will be based on the V3 design but will incorporate larger solar arrays, enabling them to generate 100 kilowatts of power per ton.

Strategic Partnerships and Future Plans

The IPO filing from SpaceX also sheds light on its terrestrial AI infrastructure initiatives. Recently, the company secured a $1.25 billion per month agreement with Anthropic, granting access to its Colossus supercomputer through May 2029. This deal underscores SpaceX's commitment to expanding its role in the AI sector, as it also plans to introduce a second supercomputer, Colossus 2, as part of this partnership.

As SpaceX prepares to list its shares on the Nasdaq under the ticker symbol SPCX, it has engaged a group of banks, including Goldman Sachs and Morgan Stanley, to underwrite the IPO. Interestingly, these same banks are reportedly assisting OpenAI with its own public offering plans.

OpenAI's anticipated IPO is expected to be filed confidentially, with a recent valuation of $852 billion during its last funding round. Reports suggest that the listing could potentially elevate the company's market capitalization to as much as $1 trillion, further emphasizing the high stakes involved in this competitive landscape.

Why it matters

The IPO filings from SpaceX and OpenAI represent a critical moment for the technology and AI sectors. For creators and technologists, these developments signal a potential influx of capital that could accelerate innovation and expansion within the industry. The public offerings may also lead to increased scrutiny and regulation as these companies transition from private to public entities, impacting how they operate and develop new technologies.

Furthermore, the competitive dynamics between SpaceX, OpenAI, and their rivals, such as Anthropic, could drive advancements in AI and connectivity solutions. As these companies seek to leverage public investment, the resulting innovations could reshape the landscape of AI applications, satellite communications, and beyond. The outcomes of these IPOs will not only influence the financial markets but also set the stage for future technological advancements and collaborations in the rapidly evolving tech ecosystem.