From SpaceX to Saudi Aramco: Biggest IPOs as Anthropic listing nears

• Anthropic is seeking to raise as much as $100 billion and posted a net loss of $42 billion in 2025, with plans to spend $518 billion on cloud, computing and infrastructure in coming years
• SpaceX's June IPO raised $75 billion on Nasdaq, more than double Saudi Aramco's 2019 record, making it the largest IPO ever
• Anthropic's IPO may be delayed until after the November US midterm elections, though elections are not expected to significantly impact the offering; rival OpenAI has also filed for a potential IPO valued at up to $1 trillion

Summary: Major IPOs in Focus as Anthropic Listing Approaches

Key Development:

Anthropic is preparing for a US IPO that could value the AI company at approximately $2 trillion, potentially becoming one of the largest stock market debuts in history. The offering is expected after the November US midterm elections.

Anthropic Financial Details:

• Seeking to raise up to $100 billion in the IPO
• Posted a net loss of $42 billion in 2025
• Planning $518 billion in cloud, computing, and infrastructure spending in coming years
• Last fundraising round in May valued the company at $965 billion post-money, surpassing rival OpenAI
• IPO timeline has been pushed back from earlier mid-October marketing plans

Other Major AI IPO:

OpenAI, operator of ChatGPT, also filed for a US IPO in June with potential valuation up to $1 trillion. CEO Sam Altman cited safety concerns regarding AI extinction risks, noting timing remains undecided as certain objectives may be easier to accomplish as a private company. OpenAI recently fended off a May investor revolt, clearing the path for listing.

Record-Breaking IPO:

SpaceX achieved the largest IPO ever in June 2026, debuting on Nasdaq and raising $75 billion—more than double Saudi Aramco's previous record of $29.4 billion from 2019.

Market Implications:

These mega-IPOs, particularly Anthropic's potential $2 trillion valuation, could significantly reshape benchmark indexes, redirect investor flows, and influence the broader narrative driving US equity markets. The offerings represent a critical test of public market appetite for the rapidly expanding AI sector.