What Happened

Bloomberg News Senior Reporter Bailey Lipschultz reported that both SpaceX and Anthropic are eyeing potential IPO filings. The report comes as public markets have shown renewed appetite for high-profile technology offerings following a prolonged downturn in IPO activity.

SpaceX, valued at approximately $180 billion in its most recent private funding round, would rank among the largest IPOs in history if it proceeds. Anthropic, the AI safety-focused company founded by former OpenAI executives, raised funding at a $15 billion valuation in 2024.

Neither company has officially announced IPO plans, and the timing remains uncertain. Both firms have access to substantial private capital, reducing the immediate need for public funding.

Why It Matters

These potential IPOs represent a significant shift for two companies that have remained steadfastly private despite enormous growth and investor interest.

For SpaceX, going public would end years of speculation about when retail investors might access shares in the company that has revolutionized space travel and satellite internet through Starlink. The company has historically resisted public listing pressure, with CEO Elon Musk previously citing regulatory burdens and quarterly earnings pressures as deterrents.

Anthropic’s potential IPO would offer investors direct exposure to the booming artificial intelligence sector. The company has positioned itself as a leader in AI safety research while competing directly with OpenAI’s ChatGPT through its Claude AI assistant.

The timing coincides with recovering IPO markets. After a dismal 2022-2023 period that saw IPO activity plummet, public offerings have begun to rebound as investors show renewed appetite for growth stories.

Background

SpaceX has built a dominant position in commercial space launch services while simultaneously developing its Starship rocket for Mars missions and expanding its Starlink satellite internet constellation. The company generates revenue through NASA contracts, commercial satellite launches, and Starlink subscriptions, creating multiple income streams that could appeal to public investors.

Despite its success, Musk has repeatedly expressed reluctance about taking SpaceX public. In 2021, he stated that an IPO wouldn’t happen until Starship was flying regularly to Mars, a timeline that remains years away. However, the company’s growing financial needs for Mars colonization efforts and Starlink expansion could make public capital markets more attractive.

Anthropic emerged from OpenAI in 2021 when co-founders Dario and Daniela Amodei left to start their own AI company focused on safety research. The company has since raised billions in funding from investors including Google and Spark Capital, while developing Claude AI as a direct competitor to ChatGPT.

The AI company has differentiated itself by emphasizing constitutional AI principles and safety research, positioning itself as the more responsible alternative in the generative AI race. This approach could appeal to ESG-focused investors in public markets.

What’s Next

Several factors will determine whether these IPOs materialize. Market conditions remain volatile, and both companies would likely seek optimal timing for maximum valuations.

For SpaceX, key milestones include Starship’s progress toward operational status and Starlink’s path to profitability. The company would also need to address governance concerns, as Musk’s involvement in multiple public companies (Tesla, X) has raised questions about his time allocation and potential conflicts of interest.

Anthropic faces the challenge of demonstrating sustainable competitive advantages in the rapidly evolving AI landscape. The company would need to show clear differentiation from competitors and a path to profitability as AI model training costs continue to escalate.

Investors should monitor SEC filings for any formal IPO registrations, though companies often file confidentially initially. Market reception of other high-profile tech IPOs will also signal appetite for these potential offerings.

Both companies’ private market valuations will serve as benchmarks for public market expectations. However, public market investors often value companies differently than private investors, particularly regarding growth sustainability and profitability timelines.