Wall Street is licking its chops over an unprecedented slate of massive IPOs set to arrive in the coming months, beginning with Elon Musk’s SpaceX in June.

That is expected to be followed by artificial intelligence rivals OpenAI and Anthropic. The trio of mega listings, each eyeing valuations around $1 trillion or more, constitutes a heady period of elevated risk and reward.

SpaceX is targeting an initial public offering that would raise up to $80 billion, roughly double the funds generated from all 2025 IPOs.

OpenAI and Anthropic are eyeing IPOs raising $60 billion, also huge numbers compared with the norm.

“We’re really in unprecedented times,” said Emily Zheng, an analyst for PitchBook, a research platform specializing in private capital. “And this concentration is more extreme than ever.”

The trio is poised to enter public markets as the Middle East war adds to inflationary pressures and fogs the geopolitical landscape.

Unique batch

But that factor is not expected to impede the arrival of SpaceX, OpenAI and Anthropic.

“These three companies are kind of unique,” said Jay Ritter, a specialist in IPOs at the University of Florida.

Mark Roberts, managing partner at the Blueshirt Group, also expects the offerings to be well subscribed.

“There’s enough capital to enthusiastically embrace these three companies if they are priced correctly,” Roberts said.