Cerebras Surges 68% on Debut to Kick Off AI Listing Wave; How High Will SpaceX and Anthropic Push IPO Records?

SpaceX is set to debut on the Nasdaq in June 2026 with a target valuation of $1.75 trillion, aiming to raise between $50 billion and $75 billion, which would surpass Saudi Aramco's $29.4 billion in 2019 to become the largest IPO in history.

This past February, SpaceX merged with Elon Musk's xAI at a $1.25 trillion valuation; the valuation has been further adjusted upward for the IPO stage, anchored by three key business pillars: reusable rockets, global satellite internet, and space exploration.

SpaceX has assembled an underwriting syndicate of at least 21 banks, with the prospectus expected to be disclosed as early as next week and a global roadshow starting in early June. Nasdaq also intends to propose new rules to accelerate the inclusion of mega-cap companies into the Nasdaq 100 Index to secure SpaceX's listing.

However, controversy persists. Three major U.S. public pension funds sent a joint letter to Musk this week opposing the governance structure, expressing concern that a rapid inclusion in the index post-listing would result in forced passive holdings.

Beyond the governance disputes, the company’s own framing of its long-term vision is notably cautious. In its filing, SpaceX admitted that long-term objectives like colonizing Mars rely on unproven technology and that their commercial viability remains uncertain.

OpenAI is preparing to go public in the fourth quarter of 2026, targeting a valuation of approximately $852 billion and planning to raise over $60 billion. In March this year, the company completed a $122 billion funding round, with Amazon ( AMZN ), Nvidia ( NVDA ), SoftBank, and Microsoft ( MSFT) among those participating.

However, the legal dispute between OpenAI and Musk could impact its business model and capital structure; if the outcome is unfavorable, the valuation could shrink significantly, and the IPO may be delayed or even terminated.

Chief Financial Officer Sarah Friar described the IPO as a "moment to build trust," but did not provide a specific timeline.

Anthropic's valuation has surged, climbing from $183 billion in September 2025 to $380 billion in February 2026, an increase of over 107%.

According to media reports, the company is conducting a new funding round with a pre-money valuation exceeding $900 billion, aiming to raise at least $30 billion and up to $50 billion, which has pushed its implied valuation to $1.2 trillion. If it goes public at this valuation, it is poised to become the world's second-largest tech IPO, trailing only SpaceX.

Backed by Google ( GOOGL ), Amazon, Microsoft, and NVIDIA—the four tech giants—Anthropic plans to raise over $60 billion, with the IPO window expected in the second half of 2026.

In addition to the three AI giants mentioned above, several other AI companies in the pipeline are worth noting. AI data platform Databricks completed a $5 billion equity financing round this February, raising its valuation to $134 billion. CEO Ali Ghodsi stated that the company is IPO-ready and does not rule out a 2026 market debut, as its annualized revenue has surpassed $5.4 billion.

Furthermore, Cohere, a Canadian unicorn specializing in enterprise generative AI, is currently in close discussions with U.S. investment banks to advance its U.S. IPO process. Meanwhile, Canva, renowned for its AI image generation and design templates, has confirmed it is moving forward with plans for a 2027 listing, contingent on the full implementation of its AI-driven business model.

The intensive listings of AI giants with multi-trillion-dollar valuations are sparking deep concerns over market liquidity. The combined fundraising demand from SpaceX, OpenAI, and Anthropic is projected to exceed $150 billion, exerting pressure on the market's capital absorption.

With all three companies tapping the public markets nearly simultaneously, institutional investors will be forced to make trade-offs within limited allocation budgets—choosing between SpaceX or OpenAI, or deciding whether to allocate to Anthropic or stay in cash. This crowding-out effect is likely to amplify market volatility.

Financial research firm BloFin Research warns that a cycle of mega AI IPOs could create liquidity headwinds in the short term by squeezing ETF fund flows.

Nasdaq has already adjusted its rules to address this: as of May 1, IPOs that meet 'mega-cap' thresholds can be fast-tracked for inclusion in the Nasdaq 100 Index, a criteria all three companies satisfy.

Cerebras' debut served as a valuable pressure test, but the market's true absorption capacity will only be tested when 'whales' like SpaceX and OpenAI officially dive in.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.