SpaceX, Anthropic, and OpenAI head to IPO simultaneously: stress test for investors

The IPO market is back — and this time it's led not by the technology giants of the past decade, but by companies of the artificial intelligence era.

MANGOS instead of FAANG

The acronym FAANG (Facebook, Apple, Amazon, Netflix, Google) defined technology investments over the past decade. Now Wall Street investors and analysts are talking about a new set: MANGOS — Meta (or Microsoft, depending on who you ask), Anthropic, Nvidia, Google, OpenAI, and SpaceX. All six form the infrastructure of the next technology cycle: Nvidia — chips, Google and Microsoft — clouds, OpenAI and Anthropic — models, SpaceX — satellite internet and space. Their valuations have long exceeded hundreds of billions, and half of them are simultaneously moving toward the public market.

Who is preparing for the exit

Of the six companies, three are moving toward IPO in the same time window:

• SpaceX — the largest private aerospace company with a valuation over $180 billion, a long-standing myth of a failed placement
• Anthropic — creator of Claude, backed by Amazon and Google with combined investments of over $10 billion, valued at around $60 billion
• OpenAI — the company behind ChatGPT, which just closed a round at $40 billion with a valuation of $300 billion

Nvidia and Google have long been trading on exchanges, Meta has been public since 2012. This is specifically about three new major placements almost simultaneously.

Stress test for the market

The simultaneous exit of several companies with valuations measured in hundreds of billions creates pressure that the market hasn't seen in a long time. Institutional funds — pension funds, sovereign funds, hedge funds — are forced to choose: who gets priority. This inevitably pushes down prices and forces each company to more convincingly justify its multiples.

"When three giants with three-digit billion valuations simultaneously

seek capital, each of them competes for the same money."

Additional risk: all three contenders operate with large losses or minimal margins. OpenAI spends on computing more than it earns. Anthropic depends on corporate contracts that still need to scale. SpaceX is profitable as a launch business, but Starlink is a long-term bet without market validation. For retail investors, this is also a turning point: if shares hold their price after the placement, it will confirm the market's faith in AI infrastructure as long-term value. If not — it will cool the entire venture capital sector.

What this means

A hot IPO summer — this is a public referendum on whether the AI era is worth the money that has been invested in it. Successful placements will consolidate valuations and attract more capital to the sector. Failed placements will call into question both the business models and the pace at which AI companies spend money in pursuit of scale.

*Meta is recognized as an extremist organization and banned in the Russian Federation.