SpaceX Opens IPO Floodgates... Anthropic and OpenAI Push Valuations into the Trillions

SpaceX Targets $2 Trillion Valuation, IPO Set for Next Month

Anthropic Eyes October Listing, Bolsters AI Infrastructure

OpenAI Resolves Legal Risks, Possible IPO Next Year

Following SpaceX, which is aiming to list on the NASDAQ on June 12, both Anthropic and OpenAI are also accelerating their initial public offering (IPO) plans for the second half of this year. Each company is focused on supplementing its infrastructure and resolving legal risks.

Recently, CNBC and Bloomberg reported that SpaceX could release its investment prospectus to the public as early as the 20th (local time) or within this week, and begin its roadshow on June 4.

Through its IPO, SpaceX is expected to raise up to $80 billion (approximately 120 trillion won). This represents about 4% of the company's valuation, which is close to $2 trillion (about 3,000 trillion won), and the funds are expected to be used for the mass production of next-generation Starship vehicles and the construction of a space artificial intelligence (AI) data center. If SpaceX succeeds in raising $80 billion as planned, it will break the record for the largest IPO proceeds set by Saudi Arabian state-owned oil company Aramco in 2019 ($25.6 billion).

In anticipation of this record-breaking IPO, SpaceX has assembled a syndicate of 21 underwriters. Under the internal code name "Project Apex," the lead underwriters include Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup. In addition, major financial institutions from around the world have joined the syndicate, including Wells Fargo (United States), Deutsche Bank (Germany), Macquarie (Australia), and Mizuho Financial Group (Japan).

After SpaceX, Anthropic is preparing for its own IPO in October, and is reportedly in talks with Wall Street's top investment banks such as Goldman Sachs and JPMorgan Chase to select its underwriters. Its expected market capitalization is $900 billion (about 1,350 trillion won). If this figure holds, it will surpass the $852 billion valuation that OpenAI received during its fundraising in March. Anthropic's AI software "Claude" has been recognized for its performance, and there are forecasts that its sales, which were $9 billion at the end of last year, will exceed an annualized $50 billion by the end of the second quarter this year.

However, there had been concerns about Anthropic's relative lack of infrastructure. On May 6, Anthropic announced in an official statement that it had rented out the entirety of SpaceX's supermassive AI supercomputer "Colossus 1" server, and said, "We will remove usage limits during peak times for paid subscribers and dramatically increase API processing speeds." Bloomberg also reported that Anthropic recently signed a seven-year cloud computing infrastructure contract worth $1 billion (about 2.4 trillion won) with Akamai, a cloud security and transmission company.

There is also keen interest in OpenAI's IPO, especially after it prevailed in a lawsuit with Elon Musk on May 18. Musk had sued, claiming OpenAI had abandoned its nonprofit mission, but the jury ruled against him, saying the statute of limitations had expired. As a result, OpenAI not only avoided Musk's $150 billion (about 225 trillion won) damages claim, but also reduced its legal risks ahead of its year-end IPO target. Most foreign media outlets agree that even if Musk appeals, it is unlikely to change the outcome. OpenAI is targeting a minimum corporate valuation of $1 trillion (about 1,500 trillion won).

Some predict that OpenAI may postpone its IPO to early next year, considering internal restructuring and concerns about market liquidity. The Wall Street Journal, citing sources, reported that "the company may have to delay the timing to next year because it does not meet the accounting and internal control reporting standards required of listed companies." There are also opinions that the company needs to resolve the issue of fixed infrastructure expenditure, which amounts to $1.15 trillion.

As these space and AI companies, each with valuations in the trillions of dollars, announce plans for IPOs one after another, a practical, performance-driven reshaping of the AI market is expected. In a recent report, Samsung Securities stated, "These companies have a structure in which cash outflows are as rapid as their skyrocketing revenue, so investors may have concerns about long-term profitability. However, unlike unicorns of the past that remained as supporting players for existing big tech companies, these firms now have the potential to replace the leading big tech firms that currently drive the market."

This content was produced with the assistance of AI translation services.