SpaceX, OpenAI, and Anthropic are set to launch a historic wave of IPOs with combined valuations nearing $3 trillion. SpaceX has filed a confidential draft registration with the SEC, aiming for a $1.75 trillion valuation and a June listing. OpenAI targets a Q4 2026 or Q1 2027 IPO with a valuation close to $1 trillion, while Anthropic plans to list as early as Q4 2026, potentially raising over $60 billion. The three companies could collectively raise between $432 billion and $576 billion, a significant challenge for public markets. Concerns arise over whether public investors will bear the brunt of high valuations, as early backers have already seen substantial returns. OpenAI, for instance, is projected to lose $14 billion in 2026, with profitability not expected until 2030. Meanwhile, Anthropic has shown rapid revenue growth, doubling its annualized revenue to $19 billion, with a strong enterprise customer base. The timing of these IPOs is crucial, with OpenAI and Anthropic vying for favorable market conditions. The outcome of these listings will test the capacity of public markets to absorb such high valuations and determine if retail investors will benefit or serve as exit liquidity for early investors.