SpaceX Sets June 2026 Nasdaq IPO Aiming for $75 Billion Proceeds as OpenAI Targets $1 Trillion Valuation

SpaceX filed a confidential S‑1 with the SEC on April 1 2026 under the codename Project Apex. The public prospectus is expected May 20, triggering a roadshow that begins June 4 and a pricing date of June 11. A 21‑bank syndicate led by Goldman Sachs will underwrite the offering. OpenAI’s bankers at Goldman and Morgan Stanley have been drafting its prospectus for months, and a confidential filing could appear as early as the same week SpaceX’s S‑1 goes public. Both companies are targeting a Nasdaq listing and are competing for the same pool of institutional capital.

SpaceX’s $75 billion gross proceeds target would be roughly 193 % larger than the current record‑holding Saudi Aramco IPO, which raised $25.6 billion in 2019. If achieved, the implied valuation would be near $1.75 trillion based on the reported offer size. OpenAI’s private‑market valuation stands at about $852 billion after a $122 billion funding round in March 2026, and its public goal is a figure north of $1 trillion. According to Counterpoint Research, Anthropic captured 31.4 % of worldwide LLM revenue in Q1 2026, while OpenAI accounted for 29 %, a gap of 2.4 percentage points that reflects Anthropic’s stronger enterprise mix and faster revenue run‑rate growth from $9 billion at end‑2025 to over $30 billion by April 2026.

The simultaneous timing of these three mega‑IPOs could redirect roughly $200 billion of new equity into the market, exceeding the total proceeds of all U.S. listings above $50 million from 2022 through Q1 2026. Passive funds that track the Nasdaq 100 will need to model the potential weight of SpaceX, OpenAI and Anthropic in their portfolios, which may shift sector allocations toward AI and aerospace. Investors will watch the pricing of SpaceX’s offering as a benchmark for AI‑related valuations; a successful debut could set a high ceiling for OpenAI and Anthropic, while a disappointing result might pressure those companies to adjust expectations. The revenue‑share lead held by Anthropic suggests that profitability timelines—projected break‑even in 2028 versus OpenAI’s 2030 target—will be a key differentiator in how the market prices each stock.