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Three major AI and tech companies are simultaneously in IPO processes: SpaceX is expected to raise $75 billion in an offering around June 13 [13]; Anthropic filed a confidential S-1 on June 1 at a ~$965 billion valuation [7]; and OpenAI filed its own confidential S-1 on June 8 with no stated pricing timeline. [8][9] S&P Dow Jones Indices rejected rule changes on June 4 that would have waived its GAAP profitability requirement, blocking automatic S&P 500 inclusion for any of these companies until they show sustained earnings. [1][2]

SpaceX's offering this week is the first major test of investor appetite for AI-era infrastructure companies at near-trillion-dollar valuations, and its trading performance will set an informal benchmark before Anthropic and OpenAI price. Neither Anthropic nor OpenAI meets the S&P 500 profitability threshold, keeping roughly $30 trillion in passive index funds on the sideline for both until they demonstrate GAAP earnings. [1][5]

S&P Dow Jones Indices announced on June 4, 2026 that it would not change its S&P 500 eligibility rules, rejecting proposals that would have waived the GAAP profitability requirement and shortened the seasoning window for newly listed companies. [1][2] The proposals had drawn criticism because SpaceX — then preparing for an IPO — does not meet the existing standard of positive earnings in the most recent quarter and cumulatively over the prior four quarters. [3][4] Passive-investor advocates warned the proposed changes would coerce roughly $30 trillion in retirement funds into buying speculative IPO exposure; the S&P committee sided with them. [5] Nasdaq reportedly shortened its own seasoning window to 15 days and Russell/FTSE to five days, leaving unresolved which index pathway matters most for post-IPO passive-fund inclusion of AI companies. [6]

Three concurrent IPO processes are now underway. Anthropic filed the first confidential S-1 on June 1, disclosing a $965 billion post-money valuation from its $65 billion Series H and annualized revenues tracking toward $45 billion. [7] OpenAI filed its own confidential S-1 on June 8, with Goldman Sachs and Morgan Stanley advising; the company stated no timeline is fixed and that an actual offering 'may be a while' away, a more cautious posture than the September 2026 target previously reported. [8][9] Sam Altman had said OpenAI was not adjusting its plans in response to Anthropic's filing, though the two submissions arrived eight days apart. [10] SpaceX, whose S-1 disclosed a compute arrangement with Anthropic and Google totaling roughly $26 billion per year, is expected to raise $75 billion in an offering around June 13. [11][12][13]

The crowded IPO queue has drawn skepticism from within the technology industry. Databricks CEO called 2026 'a terrible year to go public,' citing the compressed timeline among major AI offerings. [13] Wedbush Securities, by contrast, argued that Anthropic's filing could open the IPO pipeline for the broader AI sector — a view OpenAI's filing within a week appeared to support. [14] A separate complication for Anthropic emerged with its Fable 5 model: enterprise customers pushed back on pricing, data retention practices, and cybersecurity restrictions, and Anthropic reversed a prior policy by retaining data from enterprise customer chats. [13] Perplexity CEO Aravind Srinivas offered a different posture entirely, targeting a 2028 IPO and arguing the next AI phase will favor compute efficiency over raw scale. [15]

Polymarket contracts as of June 9 placed the odds of an OpenAI IPO completing by December 31, 2026 at 71%. [16] None of the three leading AI companies currently meets the S&P 500's profitability requirement, and under current rules the seasoning clock starts only after listing — meaning all will need at least 12 months of sustained GAAP earnings post-IPO before qualifying for index inclusion. [1][17]