Anthropic Just Gave Investors One More Reason To Avoid the SpaceX IPO
The Motley Fool • • business
Key Points:
- 2026 is expected to be the largest year for IPOs, with SpaceX planning to debut on June 12, Anthropic filing confidentially, and OpenAI targeting an IPO by year-end.
- SpaceX aims to raise about $75 billion at a $2 trillion valuation, which would be the biggest market debut ever and place it as the seventh-most valuable U.S. company, despite trailing major tech firms in revenue and profitability.
- SpaceX's AI segment, xAI, is currently unprofitable with significant operating losses due to R&D and infrastructure costs, while its price-to-sales ratio is extremely high at around 100-120, indicating a potentially overvalued stock.
- Anthropic recently secured a $65 billion funding round valuing it at $965 billion, with rapidly growing revenue ($47 billion run rate) and approaching profitability, trading at a much lower price-to-sales ratio near 20.
- Compared to Anthropic, SpaceX and its AI segment appear overvalued with slower growth, leading analysts to suggest investors may find better value in Anthropic’s upcoming IPO than in SpaceX’s offering.