SpaceX, OpenAI, and Anthropic’s public offerings will together create more value than all US venture-backed exits since 2000, according to the NVCA-PitchBook Venture Monitor report. Combined IPO valuation could top $4 trillion, with SpaceX already public at a $1.77 trillion valuation and OpenAI and Anthropic each pushing into the trillions, against just $70 billion in total US IPO proceeds last year. Caveats apply, since the comparison measures valuation created rather than cash raised, excludes non-US firms like Alibaba, and leaves out landmark products such as the iPhone and Instagram that launched at already-public companies. Companies are staying private far longer, and AI’s capital-intensive training has driven labs into massive fundraising and trillion-dollar valuations, a scale already straining Wall Street.
