SpaceX IPO is a model for Anthropic and OpenAI

SpaceX and lead IPO banker Goldman Sachs began meeting with prospective IPO investors back in January, Axios has learned.

Why it matters: This preemptive playbook is likely to be replicated for Anthropic and OpenAI -- both of which plan to go public later this year -- given how smoothly SpaceX stock launched on Friday.

Behind the scenes: "There was an incredible focus on educating investors very early, given the breadth and complexity of the company," a source says. "And it also seemed to be announcing major things on a weekly basis -- like the xAI and Cursor acquisitions, or the Anthropic and Google compute deals -- so the dialogue was constant."

• One result was that SpaceX didn't meet with any investors this week for the first time, making the book-build run smoother.

• Another was early valuation feedback that helped SpaceX get comfortable offering a $135-per-share "take it or leave it" price.

Zoom in: Don't be surprised to see both Anthropic and OpenAI also go to market with a set price, rather than launch an auction, although it will remain an exception to the U.S. IPO rule.

• Goldman and SpaceX co-lead Morgan Stanley are likely to also run those processes.

The bottom line: With less than six months left in 2026, it's likely both Anthropic and OpenAI already are beginning to test public investor waters.

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