# After SpaceX, investors target Anthropic and OpenAI for next trillion-dollar IPOs Expert strategies to evaluate the most anticipated public offerings - **Source:** [Fortune](https://fortune.com) - **Published:** 2026-07-22 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/5414b24f-ee0e-4a86-aaba-16c943ea30ee ## IPO frenzy and the FOMO effect SpaceX's public debut triggered intense fear of missing out (FOMO) among investors. Experts note that Nvidia's 180x return over a decade has created psychological pressure, making rational decisions harder. SpaceX's 19% first-day pop became a tangible manifestation of this market euphoria. ## Why first-day buying is risky Data shows median IPOs decline about 26% three years post-debut. While exceptions like Moderna exist, flash-in-the-pan cases like Abgenix and Enzo Biochem serve as warnings for patient investors. Analysts recommend waiting for volatility to settle rather than chasing opening prices. ## Revenue-focused evaluation OpenAI's $25B and Anthropic's $47B annual revenue targets differ markedly from dot-com bubble's 'eyeball metrics'. Wellington Management's Witheiler emphasizes real business models where customers open wallets: 'The numbers tell you everything you need to know' about sustainable growth. ## The prospectus imperative SpaceX's S-1 filing reveals Musk's Mars colony dreams contain no financial commitments. Renaissance Capital's Marquez criticizes retail investors' headline-skimming approach: 'Critical details like Musk's super-voting shares only appear in the fine print of prospectus documents'. ## Long-term opportunity windows SpaceX shares spiked to $225 post-IPO before retreating to $160, demonstrating volatility. Osterweis Capital's Wong advocates 'picks and shovels' strategy: 'Investing in space infrastructure providers may offer lower-risk exposure than direct bets on SpaceX'. ## The new Magnificent Three era The SpaceX-Anthropic-OpenAI trifecta has become tech investors' new reference point. Analysts interpret 16 companies crossing the trillion-dollar threshold since Apple's 2018 milestone as validation of AI and space industries' transformative potential in this investment cycle. ## Sources covering this story - https://fortune.com/2026/07/22/trillion-dollar-ipo-investing-spacex-anthropic-openai/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._