Anthropic, OpenAI, and SpaceX are bigger than the last 25 years of tech exits

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We’ve talked before about the hot IPO summer, but with SpaceX just launched to public markets and Anthropic and (maybe) OpenAI soon to come, it can be easy to miss the sheer scale of what’s happening.

We got a good reminder of it in Wednesday’s NCVA-Pitchbook Venture Monitor report. Not surprisingly, all of the money in private markets is flooding into AI — but one particular figure stood out. Taking the measure of the pending OpenAI and Anthropic IPOs, the report drops this nugget: “Along with the SpaceX IPO, these exits will generate more value than all U.S. VC-backed exits since 2000.”

That’s quite a claim, and when you add up the numbers, it’s hard to disagree. SpaceX has already gone public at a $1.77 trillion valuation, and with both Anthropic and OpenAI pushing into the trillions it’s likely the trio together will land somewhere north of $4...

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