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

According to the NCVA-Pitchbook Venture Monitor report, the pending IPOs of OpenAI and Anthropic, along with the already-public SpaceX, are set to generate more value than all U.S. VC-backed exits since 2000. SpaceX went public at a $1.77 trillion valuation, and with Anthropic and OpenAI also pushing into the trillions, the trio is expected to land somewhere north of $4 trillion. This dwarfs the $70 billion in U.S.-based IPO proceeds from last year, highlighting the unprecedented scale of these public offerings. The article notes that this period includes major IPOs from companies like Google, Tesla, and Meta, as well as multi-billion dollar acquisitions of LinkedIn, Slack, and WhatsApp. The sheer scale of the current offerings is attributed to companies staying private longer and the capital-intensive nature of AI training, which has inflated valuations. The financial infrastructure is being pushed to its limit by these massive public offerings, which are far beyond anything the industry has ever seen.