Mega-IPOs could signal market top, say analysts as SpaceX and OpenAI prep record floats

SpaceX, OpenAI, and Anthropic are planning major initial public offerings (IPOs, where companies sell shares to the public for the first time) in 2026, with SpaceX targeting a $1.75 trillion valuation. However, analysts warn these mega-cap floats resemble the late-1990s dot-com bubble, noting that all three companies are unprofitable and have opaque business models, with SpaceX's only profitable division being its Starlink internet service while its AI and space divisions operate at significant losses.