The SpaceX IPO is moving closer to reality, with several reports suggesting the company could file it within days. If it goes ahead as expected, the deal could raise more than $75 billion. This puts the firm on track to become the largest IPO in US history. At the same time, the Anthropic IPO is also taking shape. These developments point to a year that could redefine the tech IPO market.
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Every Investor Who Missed Tesla and Nvidia Is About to Get a Second Chance

According to recent reports, SpaceX is targeting a valuation between $1.25 trillion and $1.75 trillion, with a potential June listing. The scale alone is notable. But what stands out is the expected allocation. Retail investors could get more than 20% of shares. This is well above the typical range for large IPOs.
Anthropic is further behind in the timeline, but no less significant. The AI firm has held early talks with banks about a possible 2026 listing. Estimates suggest it could raise over $60 billion at a valuation of around $380 billion. The company has already attracted backing from firms like Google, Amazon, Microsoft, and Nvidia. This reflects how central AI has become to big tech strategy.
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Early ETFs Target SpaceX & Anthropic

There are already signs of demand building ahead of both listings. REX Shares and Tuttle Capital have filed for leveraged ETFs tied to SpaceX stock and Anthropic. Neither of these companies is publicly traded yet. The filings show how asset managers are positioning early for what they expect to be two of the most active trades once listed. Alex Morris, founder of F/m Investments LLC, said,
“They’re so early that they are showing up to the game before it’s even been invented yet, trying to stake a claim to territory that hasn’t been mapped out yet. It has become a part of the ETF ecosystem to try and do as much as you can as rapidly as you can to beat your rivals.”
Estimates suggest that if both companies listed above were to increase their valuations, they could add as much as $3 trillion to the US equity market capitalization. This kind of scale tends to pull capital towards a small number of names, which could leave smaller IPOs competing for limited attention.
For investors who missed earlier runs in companies like Tesla and Nvidia, the timing stands out. Two of the largest private firms are heading to public markets in the same year. Both are tied to sectors that continue to drive most of the market’s growth.
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