IPO Ceilings and The Trillion Dollar Question
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Why are IPOs dominating the headlines and what should beginners know?
She's on the money. She's on the money.
My name's Natasha Bamblett. I'm a proud First Nations woman, and I'm here to acknowledge country. Hello, beautiful friends. We gather on the lands of the Aboriginal people. We thank, acknowledge, and respect the Aboriginal people's land that we're gathering on today. Take pleasure in all the land and respect all that you see. She's on the Money Podcast acknowledges culture, country, community, and connections, bringing you the tools, knowledge, and resources for you to thrive. Hello, my friends.
And welcome to She's on the Money, the podcast where we discuss all of the issues concerning your wealth goals so that you can feel more confident with your financial future. And that includes any investment milestones along the way. I'm Victoria Devine, and you are joining me for a very special solo episode dedicated to IPOs, because frankly, they've been dominating the headlines and our DMs. You might have noticed that there is a lot of buzz going on around SpaceX going public. In June, but I don't think that the share market's quite done yet, with a few more mega valuations up its sleeve for the rest of financial year 2027. While Beck and I did cover IPOs in 2024, this week I'm bringing you a recap to help you better understand IPOs in today's investing landscape.
And by the end of this episode, you'll understand what an IPO actually is, how to approach evaluation without analysis. paralysis, how you'd even go about buying one if you wanted to, and most importantly, how to figure out whether any of this is actually right for you. After the break, we'll get into the cautionary tales and finish with how you actually approach this stuff based on your investing goals. So my friends, don't go anywhere. Welcome back, my friends. Now I know IPOs have seemed like background noise for most of 2026. But as soon as SpaceX went public, suddenly everyone, from Gina Reinhardt to the group chat, had an opinion. And for good reason, too. It was one of the biggest IPOs in history.
We're talking about a debut valuation of around 1.75 trillion US dollars. But it didn't stop there. Off the back Of that, both OpenAI, the company that's behind ChatGPT, and Anthropic, the company behind our friends at Claude, have now confidentially filed their own paperwork with the SEC to go public too. Arguably, it looks like the two biggest names in tech are racing to list at the exact same time. Now, I know what you're thinking: who filed first? Or at least that's what I'm thinking. And the answer is Is anthropic on the 1st of June of a fresh valuation of $965 billion. OpenAI listed a week later on the 8th of June. And depending on who you ask, the two of them could go public anywhere between October and sometime in 2027.
But if they list within a week of one another, then why the big gap, you ask? Well, here's where it gets a little bit. Saucy. OpenAI has reportedly got a self-imposed flaw, as in, they don't want to list below a trillion dollar valuation, and market conditions need to support that. Anthropic, on the other hand, is racing to be the first, because in a two-horse race like this, whoever lists first effectively sets the price for the market users to judge the other one. And after the The SpaceX price swing, you can imagine things are feeling a little bit, I don't know, volatile to say the least. And just to give you an idea of scale, analysts reckon that between SpaceX, Anthropic, and OpenAI together, they could pull in over $200 billion out of public markets.
$200 billion. For context, the entire US IPO market only raised about $45 billion in the entirety of 2025. As you can imagine, it's a genuinely big moment for markets. But let's go back to the basics for a second, because I think it's worth a refresher on what an IPO actually is. So to begin at the beginning, an IPO stands for initial public offering. Before a company goes public, it's privately owned by its founders, employees, and maybe even a small group of private investors or venture capital firms. But when a company decides to list on the public exchange for the very first time, it's opening itself up to everyday investors like you and me, selling little slices of the business to people who really are interested.
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