Anthropic, SpaceX, and OpenAI are all preparing to sell shares on public markets this year, setting up the largest cluster of AI-related IPOs in history and forcing Wall Street to price the durability of the trillion-dollar AI buildout.

Anthropic submitted a confidential draft S-1 registration statement with the U.S. Securities and Exchange Commission on June 1, according to CNBC and The Guardian. The Claude maker’s most recent private round, closed last week, valued the company at $965 billion, surpassing OpenAI’s $852 billion valuation from late March. Anthropic disclosed annualized revenue of $47 billion in May, up from roughly $10 billion a year earlier.

SpaceX, now valued at $1.75 trillion after absorbing Elon Musk’s xAI in February, said on June 4 it plans to raise up to $75 billion when it goes public this month. That would shatter Saudi Aramco’s 2019 record of $26 billion for the largest-ever IPO. SpaceX submitted its confidential filing on April 1 and published its public prospectus on May 20, per CNBC.

OpenAI is also readying a confidential filing, according to CNBC, though it has not yet submitted paperwork to the SEC. The ChatGPT maker was last valued at $852 billion.

Why All Three Are Filing Now

The timing is not coincidental. Microsoft, Google, Amazon, and Meta are expected to spend at least $700 billion on AI infrastructure in 2026 alone, according to Calcalist. When investments from Oracle, Salesforce, and private AI firms are added, total industry spending could exceed $1 trillion this year.

That scale of capital expenditure is straining even the most profitable companies in history. Google parent Alphabet upsized a rare equity offering from $80 billion to $84.75 billion this week to fund AI compute. The financing pressure extends to startups: private funding rounds, no matter how large, cannot sustain the infrastructure requirements of frontier model training and deployment indefinitely.

“These companies are now burning through cash to win the AI race, and public equity is the cheapest source available, particularly in a rising interest rate environment,” Michael Field, chief equity analyst at Morningstar, told the AP.

Anthropic’s Enterprise Bet

Anthropic’s filing arrives with momentum. The company, founded in 2021 by former OpenAI executives, built its growth on enterprise customers rather than consumer products. That strategy has won over investors who increasingly favor recurring business revenue over viral consumer traction.

The company’s Claude models power products across legal analysis, cybersecurity, and data analytics. Its Claude Code assistant drove much of the revenue acceleration. Anthropic also gained consumer traction after its Pentagon blacklisting earlier this year, with Claude reaching the No. 1 slot on Apple’s chart of top U.S. free apps in late February.

The Pentagon dispute remains unresolved. Anthropic sued the Trump administration over the blacklisting, and that litigation is ongoing. But the company’s private sector growth has more than compensated: it signed a $1.25 billion per month compute deal with SpaceX for capacity at the Colossus 1 data center in Memphis, per CNBC.

SpaceX: Losses Bundled With Scale

SpaceX’s IPO math is unusual. The company lost $2.6 billion from operations last year on $18.7 billion in revenue, according to the AP. The xAI acquisition added $6.4 billion in operational losses. Investors are betting that the combined entity’s AI infrastructure (Grok, the Colossus data centers) and SpaceX’s launch dominance justify the $1.75 trillion valuation despite deep red ink.

The Price Discovery Moment

These three offerings will force a reckoning with AI valuations that private markets have been able to defer. In private rounds, a small number of institutional investors set prices with limited liquidity and no short sellers. Public markets introduce price discovery, skeptics, and quarterly earnings scrutiny.

“Filing shortly after SpaceX allows Anthropic to capitalize on strong investor interest in AI and growth,” Reuters noted. But capitalizing on interest and sustaining public-market valuations are different challenges. If any of these offerings underperforms, it could reset expectations for the entire AI sector.

The combined implied market capitalization of the three companies exceeds $3.5 trillion before a single share trades publicly. That number will either validate the largest capital-allocation cycle in corporate history or mark where confidence outran fundamentals.