3 Mega-IPOs Could Dump $3 Trillion in Overvalued Tech Onto Public Markets

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SpaceX, OpenAI, and Anthropic are preparing to step into the public market spotlight in what promises to be the most extravagant IPO tsunami in history, with valuations hurtling toward $3 trillion. Yes, you read that right. Trillion.

The three tech giants are vying for an audience within months of each other, raising the very real question of whether Wall Street can swallow such a gargantuan amount of new stock without choking on it.

The $3 Trillion IPO Stress Test

SpaceX, in a move that’s suspiciously timed for April Fools’ Day, filed its confidential draft with the SEC on April 1, 2026. The ambitious company is looking for a mind-boggling valuation of $1.75 trillion, with a listing set for June. Let’s just say, they aren’t asking for pocket change.

They’ve lined up 21 banks for the offering, cheekily dubbed “Project Apex.” If they pull it off, it could raise around $75 billion – a sum more than 2.5 times the amount Saudi Aramco raised in 2019. Because, why not?

Meanwhile, OpenAI is eyeing a public debut in Q4 2026 or Q1 2027, with a valuation creeping up on $1 trillion. Anthropic is looking at a Q4 2026 listing, with a projected raise of more than $60 billion. Oh, and their combined market cap? Just a casual $2.9 trillion.

Analyst Tomasz Tunguz pointed out that at the usual float percentages, these three would need to raise anywhere from $432 billion to $576 billion from the public in a single quarter. For perspective, the entire U.S. IPO market raised a mere $469 billion from 2016 to 2025.

Who Gets Left Holding Bags

Here’s the rub: the early investors have already pocketed most of the gains. Public investors are essentially walking into a room where the drinks are already drunk and the party’s nearly over. They’ll be buying in at valuations so high they might as well be buying air.

Now what’s doing well enough to buy given that there may be a truce? Anthropic? SpaceX, OpenAI?

– Jim Cramer (@jimcramer) April 6, 2026

According to a leaked cap table, Microsoft’s $13 billion investment in OpenAI is now worth an absurd $228 billion. That’s an 18x return. Smaller funds are having even more fun, with Sound Ventures turning $20 to $30 million into a delightful $1.3 billion.

“The SpaceX and OpenAI IPOs both look like massive liquidity grabs. Private equity, VCs, and other investors are just itching to get out. Hard to blame them. The companies make zero sense at the valuations they’re targeting. Many will be left holding bags,” quipped analyst Markets & Mayhem.

OpenAI is projected to lose around $14 billion in 2026 alone. Oh, and profitability? Don’t expect that until 2029 or 2030. But hey, no rush, right?

The company’s CFO, Sarah Friar, has reportedly whispered in hushed tones to her colleagues that OpenAI is nowhere near ready for a public listing. She’s concerned that their revenue growth won’t be able to match their insatiable appetite for spending.

JUST IN: OpenAI CFO Sarah Friar is reportedly concerned about the company’s plan to spend $600B on infrastructure over the next 5 years.

– Polymarket Money (@PolymarketMoney) April 5, 2026

OpenAI’s enterprise API market share has dropped from 50% in 2023 to just 25% by mid-2025. Meanwhile, Anthropic has shot up from 12% to 32%. So, who’s really winning here?

The IPO Sequencing Battle

Timing is everything. OpenAI wants to list before Anthropic, but Anthropic might just have a cleaner, more attractive story to tell Wall Street.

Anthropic has managed to double its annual revenue from $9 billion to $19 billion in less than four months. And, a whopping 80% of that revenue comes from enterprise customers – something Wall Street is likely to eat up with a spoon.

They’re even projecting positive free cash flow by 2027, while OpenAI has pushed its breakeven target to 2030. But hey, let’s not rush into profits when we’re so close to getting that IPO cash!

However, neither company is profitable yet, and the SEC may ask Anthropic to adjust how it reports cloud computing credits as revenue. Because, what’s an IPO without a little bit of last-minute chaos?

The big question remains: will retail investors be getting a fair deal, or will they be serving as the unfortunate exit liquidity for early backers trying to make a quick exit?

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2026-04-06 13:02