SpaceX

In the current landscape, SpaceX leads in terms of fundraising scale, valuation levels, and IPO timeline. According to currently disclosed financial data, SpaceX temporarily holds the advantage in the valuation race. 75 trillion dollars, with a fundraising scale poised to set a new historical record for all global initial public offerings. What is more critical, following its strategic integration with language model firm xAI, SpaceX is no longer limited to the space launch sector. Instead, it has transformed into one of the few giants dominating both space infrastructure and cutting-edge artificial intelligence, a unique business synergy that provides strong backing for its ultra-high valuation.

Conversely, OpenAI's valuation trajectory appears more cautious. After completing a massive 122 billion dollar funding round in March 2026, the company's valuation stood at 852 billion dollars, although its investment banking team is actively pushing to surpass the psychological trillion-dollar milestone at the time of its listing. However, which company will ultimately claim the title of '2026 IPO of the Year' will depend on whether market sentiment can be sustained and its ability to meet profit expectations. A key consideration behind OpenAI's accelerated listing process is the concern that the growth momentum in the AI industry might experience a periodic slowdown, potentially triggering a valuation correction.

If enthusiasm for AI-linked stocks cools before the potential IPO date in September, SpaceX—which plans to complete its offering earlier, in June—will likely emerge as the winner of this capital race. Meanwhile, investor focus on AI companies is gradually shifting from revenue growth to profitability prospects. Competitor Anthropic's faster profitability timeline has already exerted competitive pressure on OpenAI, while SpaceX, bolstered by stable cash flow from its aerospace business, could command a higher valuation premium in public markets.