If SpaceX, Anthropic, and OpenAI were to all list on the US stock market, their potential IPO value could exceed the total amount of US VC exits over the past 25 years.

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Golden Finance reports that, according to a report by the National Venture Capital Association (NVCA) and PitchBook, if SpaceX, Anthropic, and OpenAI all complete their listings, the total enterprise value created by these three tech giants could exceed the total exit value of all companies backed by U.S. venture capital firms since 2000, largely because of their extremely high valuation expectations: SpaceX’s current valuation has already reached about $1.77 trillion, while Anthropic and OpenAI are also moving toward enterprise valuations at the several-trillion-dollar level, and the market expects the combined valuation of the three companies to exceed $4 trillion.
Data shows that last year, total U.S. IPO financing was about $70 billion, while SpaceX’s single-company valuation has already reached a level that traditional large IPOs are hard to match; in addition, the potential listing scale of SpaceX, Anthropic, and OpenAI will test the capacity of U.S. capital markets to absorb new issuance.
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