Three AI Stocks Now Dwarf Decades of Tech IPOs
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Three AI Stocks Now Dwarf Decades of Tech IPOs Moz Farooque ACCA Tue, September 22, 2026 at 1:44 PM EDT 2 min read SPCX MSFT This article first appeared on GuruFocus . Microsoft ( NASDAQ:MSFT ) OpenAI, Anthropic and SpaceX ( NASDAQ:SPCX ) have reached a combined valuation of roughly $5.2 trillion, eclipsing the $4.1 trillion first-day value generated by 3,365 U.S. technology IPOs between 1980 and 2025. The comparison captures just how concentrated investor expectations have become around a handful of AI and infrastructure platforms, while also raising the stakes for these companies to eventually justify valuations that already rival decades of public-market wealth creation. Warning! GuruFocus has detected 1 Warning Sign with SPCX. Is SPCX fairly valued? Test your thesis with our free DCF calculator. The $5.2 trillion figure includes approximately $2 trillion for SpaceX, $2 trillion for Anthropic and $1.2 trillion for OpenAI. OpenAI and Anthropic alone account for about $3.2 trillion, or roughly 62% of the three-company total, despite neither company having reached public markets. SpaceX offers the clearest reality check for those private valuations. The company priced its June IPO at $135 per share, initially valuing it around $1.75 trillion. Shares opened at $150 and finished their first session at $160.95, pushing SpaceX's market capitalization to roughly $2.1 trillion after raising about $75 billion. The stock later reached an intraday record of $225.64 before retreating sharply. SpaceX closed Monday at $151.85, about 5.7% below its first-day close and nearly 33% below its record high. OpenAI, meanwhile, has pushed back its IPO timetable and is not expected to list in 2026. Anthropic has reportedly been considering a November offering at a valuation as high as $2 trillion, although timing and terms could still change. The comparison shows how much future AI growth is already embedded in today's largest technology valuations. Investors should watch whether OpenAI and Anthropic can convert rapid revenue growth into durable margins before entering public markets, while SpaceX's post-IPO volatility provides a reminder that lofty private valuations do not guarantee sustained public-market gains. Any Anthropic IPO terms, OpenAI listing plans or major changes in revenue growth could quickly reset how investors value the broader AI sector.
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