Why now? The starting shot for a historic IPO
A combination of three factors has created conditions Wall Street hasn't seen since the dot-com bubble. First, explosive growth in the AI market — global spending on artificial intelligence will exceed $300 billion for the first time this year. Second, stock markets at all-time highs — the S&P 500 index is hovering near historic records, giving investors confidence. And third, investor pressure for returns — venture capital funds that have poured tens of billions into these companies finally want to see a payoff.
The first sign was the April IPO of AI chip maker Cerebras Systems, whose shares jumped 89% on the first day. This stoked expectations that the trio of giants could literally rewrite the markets. The S&P 500 is already considering accelerated inclusion of these companies into the prestigious index, according to Reuters sources — it usually takes years, but now the wait could be shortened to months.
SpaceX: Musk reveals finances for the first time
Elon Musk's SpaceX has released its financial results for the first time in its 24-year history. And the numbers are breathtaking — the company reported annual revenue exceeding $25 billion, driven primarily by its rocket business, the Starlink satellite network (which already has over 5 million subscribers), and contracts with NASA and the Pentagon.
Goldman Sachs has been selected as the lead bank ("lead left") for the initial public offering, according to CNBC. According to Bloomberg sources, the prospectus could land on the SEC regulator's desk within a few weeks. SpaceX's valuation on private markets has been around $1.5 trillion — if the public market confirms this value, it would become the second most valuable company in the S&P 500 index after its first day of trading, right behind Apple.
SpaceX's financial statements also included the revelation that Musk's xAI burned through $6.4 billion last year and its spending is far from over, as TechCrunch noted. Both of Musk's aces thus face the same puzzle: how to convince the public markets that astronomical investments in AI infrastructure will one day turn a profit.
OpenAI: Altman wants to be first
OpenAI, led by Sam Altman, is preparing a confidential IPO filing with the U.S. Securities and Exchange Commission (SEC). According to the Wall Street Journal, the documentation could be filed even before SpaceX. Altman thus wants to beat Musk in a symbolic race — the rivalry between the two visionaries is notoriously well-known, and Musk is even still pursuing a lawsuit against OpenAI.
OpenAI is estimated to generate around $20 billion in annual revenue in 2026, primarily from ChatGPT subscriptions (used by hundreds of millions of people) and API services for businesses. Its valuation on private markets has reached $1.1 trillion. Reuters nevertheless warns that OpenAI — like SpaceX and Anthropic — is not profitable. Last year, the company reportedly operated at a loss of over $5 billion, mainly due to the enormous costs of training models like GPT-5.5 and running data centers.
For European readers, it's worth noting that ChatGPT is fully available in Czech and has hundreds of thousands of users in the Czech Republic. A potential IPO could also bring new opportunities for European investors — OpenAI shares would likely trade on the New York Stock Exchange (NYSE) or the tech-focused NASDAQ and would be accessible through Czech brokerage platforms such as XTB, eToro, or Degiro.
Anthropic: More modest, but skyrocketing
Anthropic, the creator of Claude, is the youngest and smallest of the trio, but by no means uninteresting. According to CNBC sources, the company will reach revenue of $10.9 billion in the second quarter of 2026, representing year-over-year growth of over 500%. Claude has become the main competitor to ChatGPT, especially in programming and enterprise automation.
The company, founded by former OpenAI employees including Dario Amodei, distinguishes itself with a focus on AI safety. While OpenAI and SpaceX push models to market at breakneck speed, Anthropic is building a reputation as a more cautious innovator. Ironically, one of Anthropic's key partners is precisely SpaceX, which provides the company with computing capacity via over 220,000 GPUs in its data centers. Musk thus indirectly profits from his competitor's success.
Claude is available for free in Czech (with limits) or through paid plans starting at $20 per month, and according to tests, its translation quality and Czech language comprehension rank among the top AI models.
Bubble, or a new era? What analysts are saying
Opinions are divided. Tom Lee of Fundstrat claims that the IPOs of SpaceX, OpenAI, and Anthropic "could reshape markets" and kick off a new wave of technological growth. Skeptics, on the other hand, point out that historically, the largest IPOs have arrived near market peaks. Examples include the IPO of Saudi Aramco in 2019 or Facebook in 2012 — both came at a time when markets soon experienced a correction.
"It's not so much about whether these companies are great — they undoubtedly are. It's about the market pricing in future profits that no one has seen yet," portfolio manager Joseph Wilkins commented to CNBC.
A key risk is also the concentration of capital. The trio of mega-IPOs could drain liquidity from the market, which smaller tech companies would then lack. Some analysts warn that the arrival of these giants in the S&P 500 index will weaken the dominance of the current "Magnificent Seven" (Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, Tesla) and rewrite the dynamics of passive funds.
What it means for Europe and the Czech Republic
Although all three companies are American, the impact will be felt by European investors and businesses as well. The European Union this year launched the Czech AI Factory in Ostrava — a research center designed to help European companies keep pace with the global AI elite. A massive influx of capital into American AI companies could further weaken European competitiveness, but it will also create pressure for faster development of European AI alternatives.
For ordinary Czechs, the impact will be more indirect: if the AI giants succeed on the stock market, it will increase the availability and quality of AI tools that we already use daily — from translators to writing assistants to enterprise automation.
Can an ordinary Czech person buy shares of OpenAI or SpaceX after the IPO?
Yes. The shares will trade on U.S. exchanges (NYSE or NASDAQ) and will be accessible through Czech trading platforms such as XTB, eToro, Degiro, or through traditional brokers like Fio banka and Patria. However, it's worth noting that institutional investors get priority during the initial offering (IPO) — retail investors typically gain access to shares only on the first day of public trading, often at a higher price.
Why are these companies going public if they're unprofitable?
There are several reasons. First, their investors (venture capital funds) need an "exit" after years of funding — meaning they want to monetize their investment. Second, the companies themselves will raise billions of dollars in new capital that they can use for further expansion, building data centers, and developing new models. And third, the current high valuations on private markets allow them to enter the public market on favorable terms — waiting would mean risking that valuations drop in the future.
Which of these three companies is the most interesting for investors?
That depends on the investment profile. SpaceX has the most stable business model thanks to diversification (rockets, Starlink, defense contracts). OpenAI benefits from the mass adoption of ChatGPT and a strong position in the consumer market. Anthropic offers the highest revenue growth rate and is betting on enterprise clients. However, all three carry significant risk due to the lack of profitability and high capital expenditures.
