SpaceX's record June 2026 IPO at a $1.77 trillion valuation, which quickly reached over $2 trillion on debut amid strong Starlink revenue growth and orbital AI infrastructure plans, underpins the modest edge in trader sentiment for its market cap exceeding OpenAI's eventual listing. OpenAI's confidential S-1 filing and earlier $852 billion private round have given way to a delayed 2027 timeline, driven by AI safety priorities and a bridge round targeting $1.4 trillion, which leaves its public debut valuation more uncertain amid competition from Anthropic and broader market absorption concerns. Key catalysts ahead include OpenAI's revenue trajectory nearing $70 billion annualized and any shifts in regulatory or investor appetite for large AI floats.