The Big Three AI giants hit the capital market: SpaceX, OpenAI, Anthropic or create the biggest wave of withdrawals in US VC history

Comparing news, the “Venture Monitor” report recently released by the US National Venture Capital Association (NVCA) and PitchBook indicates that after SpaceX's listing and the potential IPOs of Anthropic and OpenAI, the scale of value brought by the three companies will reach an unprecedented level. The report said, “With the listing of SpaceX and the future exit of these companies, the value created will exceed the total exit amount of all US VC investors since 2000.” The core factor is the extremely high valuation expectations of the three companies.

SpaceX's valuation has now reached approximately $1.77 trillion, while Anthropic and OpenAI are also moving towards multi-trillion dollar corporate valuations. The market estimates that the total valuation of the three companies may exceed $4 trillion. This scale far exceeds even the biggest IPO cases in the tech industry. According to the US Securities and Exchange Commission (SEC) data, the total amount of US IPO financing last year was about $70 billion, and the valuation of a single SpaceX company has reached a level that is difficult to match with traditional large-scale IPOs. As a technology IPO case that has received much attention, Uber (Uber) was valued at around $84 billion when it went public in 2019, which is only less than 5% of SpaceX's current valuation.

However, the comparison between NVCA and PitchBook is based on “business value created” rather than the actual amount of cash invested by investors. At the same time, non-US companies such as Alibaba were not included in the analysis. Furthermore, the value created by listed companies such as Apple, Google, Android, YouTube, and Instagram is not included in VC exit statistics.

According to the report, the US tech market has had many historic IPOs over the past 25 years, including the listing of companies such as Google in 2004, Tesla in 2010, and Meta in 2012. These companies are now among the world's most valuable companies. Additionally, companies such as LinkedIn, Slack, and WhatsApp have completed mergers and acquisitions worth over $20 billion.

NVCA believes that this round of artificial intelligence (AI) -driven listing cycles may further break these records. Analysts believe that there are two main reasons driving this trend:

First, technology companies are maintaining privatized operations for a longer period of time 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 a later market to get a higher market valuation.

Second, the AI industry is highly capital-intensive. Training large-scale AI models requires huge investment to drive AI companies to continue large-scale financing and drive rapid valuation growth.

Industry insiders believe that the potential scale of the listing of SpaceX, Anthropic, and OpenAI will test the ability of the US capital market to undertake. As AI companies enter the open market from the private equity stage, how trillions of dollars of technology assets will flow to the stock market in the future will become the focus of investors' attention. (DigitalToday)