SpaceX IPO Listing Today: Where Does OpenAI Stand In The Race?

SpaceX is grabbing most of the attention in global markets right now.

The Elon Musk-led company is expected to make its stock market debut on Friday, 12 June 2026, at a reported valuation of around $1.77 trillion, a figure that would place it among the biggest public listings ever seen.

At the same time, OpenAI has quietly moved a step closer to its own initial public offering (IPO) after reportedly filing confidential documents in the US.

The two companies are often mentioned together because both sit at the centre of the artificial intelligence (AI) boom. But from an investor's perspective, they are very different businesses.

SpaceX Already Has Large Businesses Running

Much of the attention is naturally on SpaceX because of the sheer size of the proposed listing.

Its Starlink satellite network has become a major business on its own. Reports suggest Starlink generated roughly $11.4 billion in revenue during 2025 and delivered EBITDA margins of about 63%.

Alongside that, the company continues to dominate commercial rocket launches, giving it a business that already generates meaningful cash flows.

That is one reason many analysts believe SpaceX enters the market with a stronger financial base than many technology startups.

Of course, there are questions too.

The company has been spending heavily on future projects and artificial intelligence initiatives. Those investments may take years to fully pay off.

OpenAI Is Growing At A Remarkable Pace

OpenAI's story is less about mature businesses and more about expansion.

The company has seen rapid growth, with revenue rising from around $2 billion in 2023 to nearly $20 billion in 2025. In its latest funding round, investors reportedly valued the firm at $852 billion. Market participants believe a future IPO could drive its valuation even higher.

But there is another side to the story.

Developing advanced AI systems is expensive. Computing costs remain high, and competition is becoming tougher as companies such as Google, Meta and Anthropic continue to invest aggressively.

For now, the focus appears to be on building scale rather than maximising profits.

Different Businesses, Different Bets

It may not make sense to look at these companies through the same lens.

SpaceX brings to the table established, large-scale operating businesses for investors to invest in. On the other hand, OpenAI presents a swiftly evolving AI platform that is continuously gaining momentum.

Some market experts believe SpaceX has a stronger underlying business model today. Others argue that OpenAI could deliver higher long-term growth if AI adoption continues at the current pace.

The market will eventually decide how much those possibilities are worth.

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For now, though, SpaceX is first in line. Its listing is expected to become one of the biggest events in global equity markets, while OpenAI remains one of the most closely watched names still waiting to make its move.

Sources:

Livemint

The Indian Express