3 Mega-IPOs Ready to Flood the Market with $3 Trillion Overvalued Tech Stocks

Jakarta, Pintu News – Global stock markets are preparing for the biggest IPO wave in history. Three tech giants, namely SpaceX, OpenAI, and Anthropic, are rumored to be going public in the near future with a combined valuation of close to $3,000 billion.

This phenomenon has raised concerns about whether the public market is capable of absorbing the surge in stock supply amid overvalued valuations. Analysts and investors are now highlighting the huge potential risk for retail investors who may just be the exit liquidity for early investors.

A Test of Global Stock Market Resilience

SpaceX has filed confidential IPO registration documents with the SEC on April 1, 2026, targeting a fantastic valuation of $1,750 billion. Elon Musk’s company is partnering with 21 investment banks to manage the initial public offering, which is internally coded “Project Apex”.

If the IPO is realized, SpaceX is expected to raise around $75 billion, more than 2.5 times the record IPO of Saudi Aramco in 2019. This surge of funds into the market in a short period of time is a major test of global investor liquidity and absorptive capacity. OpenAI and Anthropic are not to be outdone either, with IPO plans projected to take place in the fourth quarter of 2026 to early 2027.

OpenAI is targeting a valuation close to $1,000 billion, while Anthropic is expected to raise more than $60 billion. Combined, these three companies have a market capitalization of around $2,900 billion. According to analyst Tomasz Tunguz, at the standard float percentage, the public market should absorb between $432 billion and $576 billion in just one quarter, whereas the total IPO proceeds in the US during 2016-2025 is only $469 billion.

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Who Will Bear the Risk?

The main concern from observers is that early investors have already enjoyed maximum profits before these shares are sold to the public. Public investors could potentially buy shares at peak prices, while the company’s valuation has already soared in the private market. Leaked data shows that Microsoft’s $13 billion investment in OpenAI is now worth around $228 billion, an 18-fold increase.

Even small venture funds like Sound Ventures were able to turn a $20 million investment into $1.3 billion, signaling tremendous returns for early investors. Some analysts see the SpaceX and OpenAI IPOs as more like a massive liquidity drain by early investors looking to exit at the highest price.

Not a few consider the valuations targeted by the two companies to be unreasonable. OpenAI itself is expected to lose around $14 billion by 2026, and will not turn a profit until 2029 or 2030. OpenAI’s CFO, Sarah Friar, is even rumored to have warned that the company’s revenue growth will not be able to support massive spending plans, including plans for $600 billion in infrastructure investment in the next five years.

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Intense Competition and IPO Strategy

The timing of the IPO was a crucial factor contested by OpenAI and Anthropic. OpenAI wanted to list first, but Anthropic was considered to have a more solid business narrative in the eyes of Wall Street investors. In the last four months, Anthropic has doubled its annual revenue from $9 billion to $19 billion, with around 80% coming from corporate customers.

This revenue composition is usually preferred by public investors over revenue dominated by the consumer segment. Anthropic also projects positive free cash flow in 2027, while OpenAI is only targeting break-even in 2030. However, neither OpenAI nor Anthropic has made a profit to date.

In addition, the SEC is likely to ask Anthropic to change the way it reports revenue from cloud computing credits, which could impact its headline revenue numbers before the IPO. The intense competition between these two companies will determine who attracts investor interest first and gets the best valuation in the market.

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Reference

• BeInCrypto. SpaceX, OpenAI, and Anthropic IPOs Could Spark a New Tech Stock Boom. Accessed on April 12, 2026
• Featured Image: Generated by AI