SpaceX’s long-awaited market debut has pulled intense attention toward artificial intelligence-linked growth IPOs, with investors weighing whether the newest space-and-AI platform offers better odds than the AI model developers planning major funding rounds and public listings later this year.
Alongside SpaceX, reports have pointed to OpenAI and Anthropic as potential public-market entrants, setting up a rare comparison among companies at different stages of scale, profitability, and revenue mix—factors that are likely to shape valuation expectations as the market prepares for fresh offerings.
Key takeaways
- Price move: SpaceX debuted with a market capitalization reported at $2 trillion, elevating investor focus on AI-enabled infrastructure plays.
- Catalyst: The IPO debut arrives as SpaceX expands its business beyond rocket launches via Starlink and pushes into AI data center ambitions, while OpenAI and Anthropic are described as preparing to raise capital and go public later in the year.
- Key implication: The comparison centers on whether investors are more likely to underwrite cash-generating, profitability-oriented growth (Anthropic) or longer-dated platform bets tied to space, computing, and AI infrastructure (SpaceX).
- What investors will watch: Revenue mix, profitability trajectory, and the durability of partner arrangements tied to AI compute demand.
SpaceX’s growth engine and why the valuation matters
With a reported market capitalization of $2 trillion at debut, SpaceX has instantly become one of the largest companies by market value. The company’s current scale is still described as far below that valuation in terms of revenue, according to the article, with $18 billion in 2025 referenced as a projected revenue figure.
According to the same reporting, SpaceX’s revenue base has been primarily driven by its Starlink satellite internet service rather than rocket launches. Starlink revenue was cited at $11.4 billion, and it was described as growing 50% year over year with “nice profitability.” For investors, that matters because it frames SpaceX as more than a launch company—it is positioned as a recurring communications platform that can fund and scale future compute-heavy initiatives.
The article also highlights SpaceX’s push into AI data centers, including operations on Earth and in orbit. It said SpaceX has signed deals with Anthropic and Alphabet totaling $26 billion a year, while adding that either counterparty can cancel the agreements at any time. That optionality is likely to be a key question for market participants: even if contracts signal demand, the valuation will depend on how reliably those commitments convert into long-term, non-cancellable revenue.
Anthropic’s momentum versus the profitability bar
The article characterizes Anthropic as gaining ground in AI commercialization, particularly through selling AI tools to enterprises. It frames Anthropic’s growth as both fast and concentrated in a business model that can scale without requiring the same level of heavy capital expenditure tied to space infrastructure.
According to the article, Anthropic is expected to generate $10.9 billion in revenue this quarter—roughly $45 billion annualized. It further states that the business is reportedly already profitable, positioning it to expand enterprise AI services globally.
Investors typically price profitability durability differently from top-line growth alone. If Anthropic’s profitability is sustained while revenue scales, the company could be perceived as having a clearer path to monetization than earlier-stage competitors—though the article also acknowledges that the speed and sustainability of growth remain key uncertainties.
OpenAI’s scale advantage—tempered by unprofitable margins
OpenAI is described as leading in consumer AI services, with efforts underway to strengthen its enterprise footprint in competition with Anthropic. The article referenced an annualized revenue rate of $25 billion “in last reports,” but it cautioned that the figures have not yet been audited by public-accounting standards and may not be recognized on the same basis across companies.
The reporting also points to potential setbacks: it says OpenAI reportedly missed its 2026 targets so far and had a reported operating margin of -122%, describing the company as extremely unprofitable. From an investor standpoint, that combination—high growth potential but deeply negative operating margins—can raise questions about whether the model’s monetization economics will improve in time to justify premium valuations.
How the market may frame the “better buy”
The article argues that the answer depends on how investors compare enterprise AI monetization and profitability against platform bets linked to infrastructure and long-cycle technological development. It contrasts SpaceX as a “different beast,” where investors are essentially underwriting a vision associated with its founder’s strategy and its ability to scale Starship-related capabilities, orbital and Earth-based data centers, and AI computing services.
It also states that if valuations for these businesses debut at similar levels, Anthropic is presented as the better investment bet based on reported profitability and faster revenue momentum. However, the article’s comparison relies on reported expectations and non-audited revenue metrics, which underscores that any “winner” will likely hinge on what investors see once formal IPO prospectuses and audited financials are available.
What to watch next
As IPO timelines approach, investors are likely to focus on audited revenue recognition, the durability of major customer or partner arrangements tied to AI compute demand, and evidence that operating losses can narrow—or profits can expand—while revenue scales. Upcoming IPO disclosures for SpaceX, Anthropic, and OpenAI, along with any accompanying guidance on profitability and capacity expansion, will be central to how the market reprices the risk across AI infrastructure and AI model businesses.
