Exit Liquidity: SpaceX, OpenAI, and Anthropic IPOs to Stress Test the Market

The era of burning venture capital is coming to an end. On May 23, 2026, the Financial Times reported that the "big three" (SpaceX, OpenAI, and Anthropic) are preparing for Initial Public Offerings (IPOs). This event will become the ultimate stress test for the entire artificial intelligence economy.

The market has matured to the point of monetization. Anthropic is already recording its first profit by building a strict B2B model. OpenAI is urgently cleaning up its balance sheet, capping payouts to Microsoft (the May 12 case). SpaceX acts as a key infrastructure partner for both AI corporations. The entrance of these giants onto Wall Street means that early investors and funds are looking for "exit liquidity"—the opportunity to lock in their trillion-dollar valuations with real public market money. The stock exchange will have to answer the main question: is the AI industry capable of generating stable net profit amidst colossal data center costs?

Source: Financial Times / Reuters