Svmuu News: The “Venture Monitor” report recently released by the National Venture Capital Association (NVCA) and PitchBook notes that with SpaceX’s IPO, combined with the potential IPOs of Anthropic and OpenAI, the total value generated by these three companies will reach an unprecedented level.The report states: “With SpaceX’s IPO, coupled with future exits by these companies, the value they create will exceed the total value of all U.S. venture-backed company exits since 2000.” The key factor lies in the extremely high valuation expectations for these three companies.
SpaceX is currently valued at approximately $1.77 trillion, while Anthropic and OpenAI are also heading toward trillions-of-dollars valuations. The market expects the combined valuation of the three companies to potentially exceed $4 trillion. This scale far surpasses even past major IPOs in the tech industry.According to data from the U.S. Securities and Exchange Commission (SEC), total IPO fundraising in the U.S. last year amounted to approximately $70 billion, yet SpaceX’s valuation alone has already reached a level that traditional large-scale IPOs cannot match.As a once-highly-anticipated tech IPO, Uber was valued at approximately $84 billion when it went public in 2019—less than 5% of SpaceX’s current valuation.
However, the comparison by the NVCA and PitchBook is based on “enterprise value created,” rather than the actual amount of capital realized by investors. Additionally, the analysis excludes non-U.S. companies such as Alibaba. Furthermore, the value created by publicly traded companies such as Apple, GoogleAndroid, YouTube, and Instagram is not included in the VC exit statistics.
The report notes that the U.S. tech market has seen several historic IPOs over the past 25 years, including the 2004 IPO of Google, the 2010 IPO of Tesla, and the 2012 IPO of Meta. These companies are now among the world’s most valuable.In addition, companies such as LinkedIn, Slack, and WhatsApp have also completed mergers and acquisitions valued at over $20 billion.
The NVCA believes that this current AI-driven IPO cycle may further break these records. Analysis suggests that there are two main drivers behind this trend:
First, tech companies are remaining private for longer periods than in the past, accumulating higher valuations through long-term financing and business expansion. If today’s Google were in its early stages, it might also choose to go public later to secure a higher market valuation.
Second, the AI industry is highly capital-intensive. Training large AI models requires massive capital investments, driving AI companies to continuously raise large sums of funding and fueling rapid valuation growth.
Industry insiders believe that the potential IPO sizes of SpaceX, Anthropic, and OpenAI will test the capacity of U.S. capital markets to absorb such offerings. As AI companies transition from private financing to the public market, how trillions of dollars in tech assets will flow into the stock market will become a key focus for investors. (DigitalToday)