The global financial market is witnessing an unprecedented milestone as the initial public offerings (IPOs) of SpaceX, Anthropic, and OpenAI are projected to generate more market capitalization value than all US venture-backed tech exits combined over the past 25 years. This massive boom marks a major shift of capital from private to public markets, primarily driven by the artificial intelligence (AI) and aerospace gold rush.
Background & Causes
According to the newly released NVCA-Pitchbook Venture Monitor report, private capital is flooding into AI and aerospace companies at an unprecedented scale. Unlike previous generations of startups that tended to go public early, modern tech enterprises prefer to stay private longer to optimize their valuations. This delay, combined with the colossal capital requirements for infrastructure development, has inflated these companies' valuations to record levels before they officially debut on the stock market.
Technical & Technology Analysis
To achieve such unimaginable valuations, all three companies possess core technologies defining our era. SpaceX has recently gone public at a valuation of $1.77 trillion, powered by its reusable rocket systems and the Starlink satellite network dominating Earth's orbit. Meanwhile, Anthropic and OpenAI are developing next-generation large language models (LLMs) that require massive computational power from tens of thousands of interconnected GPUs and complex reasoning algorithms. The immense cost of AI training is the primary driver forcing these research labs to continuously raise capital, pushing their valuations into the trillions.
Expert Opinions & Insights
The Pitchbook report points out that the combined valuation of the trio (SpaceX, OpenAI, and Anthropic) could exceed the $4 trillion threshold once their listings are finalized. To put this in perspective, Uber's $84 billion IPO in 2019 was considered massive, yet it represents less than 5% of SpaceX's current valuation. However, analysts also note a few caveats: this comparison only includes US VC-backed exits and excludes international giants like Alibaba, as well as tech value created internally after going public, such as Apple's iPhone or Google's Android.
Impact & Future
The emergence of these trillion-dollar tech IPOs is testing the liquidity limits of the global financial infrastructure. For the Vietnamese tech community, this milestone is not only a barometer of global AI investment momentum but also reshapes valuation expectations for deep tech startups. The era of ultra-high valuation tech IPOs has officially begun, triggering a race for technological dominance in the decades to come.