Key Points

SpaceX holds ambitious goals, yet it remains smaller than its counterparts at present.
Anthropic shows strong revenue and profit momentum.
OpenAI trails Anthropic in revenue and is reportedly deeply unprofitable.
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Three trillion-dollar initial public offerings could arrive this year. SpaceX recently launched at a $2 trillion market cap, and both OpenAI and Anthropic plan to raise funds and list later this year.

Investors will gain chances to back these rapidly expanding AI companies, including SpaceX as a play on both AI and the space economy. Yet which IPO offers the stronger opportunity?

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Based on pricing, the answer emerges clearly from the financial data.

SpaceX growth plans

At a $2 trillion valuation, SpaceX ranks among the world's largest companies by market value. It lacks matching revenue at $18 billion for 2025, but it outlines bold plans for substantial expansion ahead.

The firm earned limited revenue from rocket launches, with most of last year's total from its Starlink internet service. That segment delivered $11.4 billion and grows 50 percent year over year with solid profitability.

SpaceX aims for further gains through AI data center efforts on Earth and in orbit. It has secured deals with Anthropic and Alphabet worth $26 billion annually, though either partner may exit. The potential stays large, with room to reach $100 billion or more in revenue if Starship succeeds along with orbital data centers and AI computing services.

Image source: Getty Images.

Anthropic momentum

Anthropic has overtaken OpenAI in AI revenue. Founded recently, its enterprise AI tool sales have driven one of the quickest rises among start-ups.

This quarter, Anthropic projects $10.9 billion in revenue, nearing $45 billion annualized. Sustained growth at this pace could push it toward $100 billion annualized soon.

Unlike SpaceX, which recorded a $2.6 billion operating loss last year, Anthropic is reportedly profitable already. This supports global scaling of its enterprise services. Observers will watch how long the rapid revenue climb continues, and it may set the record for fastest path from founding to $100 billion in revenue.

OpenAI user base

OpenAI launched the current AI wave with ChatGPT and leads in consumer services while advancing in enterprise markets against Anthropic. Recent figures showed $25 billion annualized revenue, though that data is months old. Revenue for both Anthropic and OpenAI awaits public audit, so recognition methods may differ.

OpenAI lags in the revenue race and has reportedly fallen short of 2026 targets. It also carries a reported operating margin of negative 122 percent, indicating heavy losses. Anthropic balances profitability efforts with rapid expansion.

These details point to the clearer choice. SpaceX represents a distinct wager on Musk's vision. Believers may prefer it over the others. Yet based on current business scale and reported profits, Anthropic stands as the stronger IPO pick if all launch near SpaceX valuations.

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Brett Schafer holds no position in any mentioned stocks. The Motley Fool holds no position in any mentioned stocks. The Motley Fool maintains a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.