In the space of a few weeks, three of the most talked-about private companies on the planet – OpenAI, the creator of ChatGPT; Anthropic, the maker of the Claude chatbot; and Elon Musk’s rocket company SpaceX – have all announced plans to sell shares to the public for the first time. The flurry of initial public offerings (IPOs) marks a pivotal moment for the technology and space industries, and for ordinary investors who want a piece of the action.
An IPO is the process by which a private company lists its shares on a stock exchange, allowing anyone to buy and sell them. Until now, these firms were owned by founders, venture capitalists and employees. Going public opens the door to millions of new investors – and raises huge sums of cash. SpaceX, for example, aims to raise up to $75bn (£56bn) by selling 555.6m shares on the Nasdaq, with a planned debut on 12 June. The company’s valuation could hit $1.75tn (£1.3tn). OpenAI filed a confidential IPO plan with the US Securities and Exchange Commission on Monday, one week after rival Anthropic did the same. Neither has set a date, but the race is on to be first.
“Why SpaceX, OpenAI and Anthropic are going public and how UK investors can buy shares.”
Why are these companies rushing to go public now? The short answer is money. “They have a vast need for cash,” says Sunil Krishnan of Aviva Investors. Building artificial intelligence models and the vast computer infrastructure to run them – including specialist chips – costs billions. SpaceX’s rocket development is similarly expensive. Private funding rounds have already pushed valuations sky-high: OpenAI was valued at $852bn by private investors, Anthropic at $965bn. But an IPO opens the door to even deeper pools of capital. “No-one wants to be last,” Krishnan adds.
For UK readers, the SpaceX IPO is the most immediately accessible. Up to a quarter of the shares could be reserved for individual investors – a much bigger slice than usual. Several British brokers, including AJ Bell and Hargreaves Lansdown, are offering clients the chance to bid, with minimum subscriptions typically around £1,000. The shares will be listed on the Nasdaq, but you don’t have to buy them directly: some UK investment trusts, such as Edinburgh Worldwide and Baillie Gifford US Growth, already hold stakes, so investors in those funds gain indirect exposure. If you want to buy individual shares, you need to register your interest with a participating broker before the official price is set on 11 June. Be warned: IPOs can be volatile, and if demand outstrips supply – which is likely – you may not get all the shares you want.
The AI IPOs are less certain in timing, but they carry additional risks. Both OpenAI and Anthropic are locked in a fierce rivalry that dates back to 2021, when Anthropic’s co-founder Dario Amodei left OpenAI over disagreements with chief executive Sam Altman. They compete for users, corporate customers and investors, and their fortunes are “intrinsically intertwined through the public’s perception of the generative AI space”, says Richard Crowley of Singapore Management University. A poor debut by one could sour sentiment for the other.
Here are key questions UK readers are asking:
Q: How can I buy shares in the SpaceX IPO? You need to sign up with a broker that is acting as a distributor. In the UK, AJ Bell and Hargreaves Lansdown are offering access. You can register your interest and the amount you want to invest (minimum around £1,000). The final share price will be set on 11 June based on investor demand. If the IPO is oversubscribed, allocations may be scaled back.
Q: What are the risks of investing in these IPOs? IPOs can be highly volatile, especially for high-growth companies like SpaceX and AI firms. Prices may swing wildly in the first days of trading. There is also the risk that the hype around AI and space is overblown, and valuations could fall. Additionally, you may not get all the shares you apply for if demand is high.
Q: When will OpenAI and Anthropic go public? Neither has given a date. OpenAI said it may be “a while” because it wants to do some things that are easier as a private company. Altman told CNBC he is in no rush and will do it “when it makes sense”. Both are now competing to be first, but the timing remains uncertain.
What happens next? SpaceX’s IPO is imminent – shares begin trading on 12 June. The success or failure of that debut will set the tone for the AI companies that follow. If SpaceX’s shares soar, it could encourage OpenAI and Anthropic to accelerate their own listings. If they struggle, it might cool the IPO market. Either way, the next few weeks will shape expectations for the biggest tech IPOs in years – and could make Elon Musk the world’s first trillionaire.