Earlier this month, SpaceX completed the largest IPO in history, making its CEO the world’s first trillionaire. Now that the SpaceX IPO is over, we’re done talking about big, flashy tech IPOs for a little while, right?

Wrong. We may just be at the beginning of 2026’s giant tech IPO season. Two of the biggest names in AI, OpenAI and Anthropic, may be going public as early as the fall, at valuations around $1 trillion. Here’s what to know.

OpenAI is going public? Isn’t it a nonprofit?

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