Overview
- SpaceX filed concrete Nasdaq listing terms on Monday, proposing to sell 555.6 million shares at $135 each to raise about $75 billion and list under ticker SPCX.
- The filing values SpaceX near $1.75–1.77 trillion while showing 2025 revenue of $18.6 billion and a $4.9 billion net loss, which implies roughly a 94-times 2025 revenue multiple by simple math.
- Nasdaq has accepted the SpaceX listing despite an exception to its usual one-year operation rule, and the company reserved about 30% of the offering for retail investors with brokers already adjusting eligibility rules.
- Anthropic has submitted a confidential registration aiming for a late third-quarter or early fourth-quarter IPO at about a $965 billion private valuation, and OpenAI is reported to be targeting a fourth-quarter listing near $1 trillion, with both plans described in coverage as unconfirmed by the companies.
- Analysts warn that the three planned listings could add nearly $4 trillion of market value and absorb roughly $200 billion of liquidity if they proceed as projected, which would force large index weight shifts, major portfolio rebalancing by institutional investors, increased competition for engineers, and greater public scrutiny of business models.