Global equity markets are bracing for what could become one of the most watched years in modern listing history, as a cluster of privately held technology heavyweights edge closer to the public markets. Expectations are already running high, with 2026 widely tipped as a turning point for investor appetite around artificial intelligence and space technology.
SpaceX is frequently cited as the standout. Market estimates suggest a potential valuation reaching as high as $1.5 trillion if the company were to float. That figure reflects not just its launch business, but also the expanding role of Starlink in global communications. Still, analysts caution that SpaceX operates in capital-intensive and highly regulated environments, where long-term profitability remains closely tied to government contracts and execution at scale.
OpenAI is also widely expected to consider an IPO, with valuations above $1 trillion discussed in financial circles. The company’s influence on enterprise software, consumer tools and cloud infrastructure has been hard to ignore. At the same time, questions remain around governance, licensing structures and the costs of running increasingly large models. Investors are likely to scrutinise how OpenAI balances commercial pressure with safety commitments.
Anthropic rounds out the trio, with reports placing its valuation near $500 billion. The company has positioned itself as a more cautious player in the AI race, emphasising alignment and control. That approach has attracted strategic partners, though it may also face challenges competing with better-funded rivals in a fast-moving market.
Adding another layer of intrigue, reports have emerged that Elon Musk is considering a merger involving SpaceX and Tesla’s AI arm, xAI. If pursued, such a move would dwarf any previous corporate combination and reshape how investors think about vertically integrated technology ecosystems. Supporters argue it could unlock efficiencies across manufacturing, data and compute. Critics warn that complexity, regulation and governance risks could outweigh the benefits.
What is clear is that enthusiasm around artificial intelligence continues to build at pace. Yet history suggests that landmark IPOs often arrive with volatility attached. Valuations may look bold on paper, but public markets tend to demand clearer paths to revenue, resilience and accountability.
Whether all, some or none of these listings materialise in 2026, the year is already shaping up as a stress test for how far the AI narrative can carry capital markets.
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