Trillions of dollars in valuation pile up for IPOs: SpaceX, OpenAI, Anthropic will rewrite US stock market history, and the crypto market faces a major liquidity shift

The three major tech giants are about to simultaneously enter the capital markets. According to the latest news, SpaceX, OpenAI, and Anthropic are preparing for IPOs in 2026, with an expected fundraising scale of hundreds of billions of dollars. This “super IPO wave” not only sets a new historical record but also will trigger a re-pricing of liquidity in global capital markets, having a profound impact on risk assets including the crypto market.

Valuations and Fundraising Scales of the Three Giants

These three unlisted tech giants have already reached impressive valuation levels:

If all three go public simultaneously, their combined fundraising scale will surpass the total of all U.S. stock IPOs in 2025. This is not just about individual companies going public, but a full release of the accumulated valuation, computing power, data, and business narratives from the private equity era into the secondary market.

SpaceX’s Business Support

SpaceX not only leads in valuation but is also accelerating its business progress. According to the latest data, SpaceX has deployed over 24,000 Starlink terminals daily in the U.S., and plans to bring approximately 4,400 satellites operating at 550 km altitude down to 480 km to enhance space safety by 2026. These measures indicate that SpaceX’s commercialization process is speeding up across the board.

Funding Trends of OpenAI and Anthropic

OpenAI is currently valued at about $750 billion and is negotiating a new round of financing, with a target valuation that could be higher. Anthropic has also started preparing for an IPO, engaging law firms to organize the process, and restructuring governance according to listed company standards.

Impact of IPOs on the Global Capital Market

The Starting Point of Liquidity Re-pricing

For investment banks, this is a super cycle of underwriting fees. For the market, it marks the beginning of liquidity re-pricing. Once these three giants go public simultaneously, it will directly rewrite the history of global IPOs.

Relevant reports indicate that this means the main focus of the U.S. stock market in the coming years may no longer be macroeconomic factors, but rather the pricing power of these super platforms. The real risk lies not in whether they will go public, but in whether the market can withstand such capital shocks if they do.

Shift in Capital Flows

This IPO wave will bring structural changes in capital allocation. Institutional and retail funds will tilt away from risk assets like cryptocurrencies and growth stocks toward these more certain tech giants. This “siphoning effect” is especially evident in the crypto market.

Risks Facing the Crypto Market

Intensification of the “Siphoning Effect”

According to relevant analyses, the IPOs of the three giants will cause a significant “siphoning effect” on the crypto market. Specifically:

• Institutional funds will accelerate withdrawal from the crypto market, shifting toward valuation-verified and growth-clarified tech giants
• Mainstream cryptocurrencies like Bitcoin and Ethereum will come under pressure first
• Altcoins face greater risks due to liquidity exhaustion

Market Risk Assessment

From a capital perspective, the crypto market itself has limited liquidity. Once a large amount of capital shifts toward IPOs like SpaceX and OpenAI, the crypto market will face deep adjustment risks. This is not short-term volatility but a mid-term shift in liquidity structure.

Market Landscape in 2026

This IPO wave will mark 2026 as a watershed year for the capital market. Relevant information suggests that the listing of these three companies is not just a fundraising event but a summary of the entire private equity era and a new chapter for the future.

From the attitudes of founders like Musk, it is clear that they have a relatively precise sense of timing for IPOs. SpaceX has confirmed its 2026 IPO plan as “accurate,” indicating that the market should prepare for this event.

Summary

The IPO wave of the three major tech giants will be the most significant capital market event in 2026. With a combined valuation of 13 trillion RMB, their simultaneous listing will set a new record in U.S. IPO history and trigger a re-pricing of global liquidity. For the crypto market, this means risk assets will face substantial capital pressure. Investors need to recognize that this is not just about these three companies going public, but a crucial turning point in the entire capital market landscape. The real test lies in whether market liquidity can withstand such capital shocks.