[DigitalToday reporter Jinju Hong] SpaceX, OpenAI and Anthropic are pushing for listings months apart, signalling a mega IPO rush with a combined valuation of about $2.9 trillion. A key variable is whether the IPO market can absorb a large wave of new supply at near-peak valuations.

According to blockchain outlet BeInCrypto on Sunday, SpaceX is moving first. The company submits confidential draft registration documents to the U.S. Securities and Exchange Commission in early April and is preparing for a June listing. The market is discussing a valuation of up to $1.75 trillion and fundraising of about $75 billion. If completed, it could be the largest IPO ever, more than 2.5 times the 2019 Saudi Aramco IPO record.

OpenAI and Anthropic are also weighing their timing. OpenAI is discussed at around a $1 trillion valuation, targeting the fourth quarter of 2026 or the first quarter of 2027, while Anthropic is also mentioned as a possible fourth-quarter 2026 listing. Some in investment banking also see Anthropic as potentially able to raise more than $60 billion.

The issue is a supply shock. Analysts see that if the three list around the same time, a single-quarter IPO market could need to absorb $432 billion to $576 billion. That would be on par with total U.S. IPO fundraising over the past 10 years, from 2016 to 2025, raising the likelihood of supply-demand strain.

From an investor perspective, a key risk is who buys at the peak. There is concern that retail investors could end up bearing high valuations after early investors have already realised substantial gains. Microsoft’s OpenAI investment is estimated to have grown from about $13 billion to around $228 billion, and some venture investments were cited as having generated returns of dozens of times.

Financial structure is also a variable. OpenAI is expected to post a loss of about $14 billion in 2026 alone, with a timeline for turning profitable presented as 2029 to 2030. It is reported that some internally raised a cautious view that preparations for an IPO are not sufficient.

The order of listings is also emerging as an important variable. OpenAI wants to list first, but the market also has an assessment that Anthropic has a more stable growth story. Anthropic’s annualised revenue is said to have doubled to $19 billion from $9 billion in less than four months, and about 80 percent of revenue is known to come from enterprise customers. Anthropic has not yet turned a profit, and another variable cited is that pre-IPO financial metrics could change if the SEC demands a change in how it recognises revenue for cloud computing credits.

This IPO rush is expected to be a mega event that tests liquidity and investor sentiment in global capital markets, beyond the listings of individual companies. Attention is focused on whether the market can absorb the supply and who will ultimately bear the high price.