Anthropic, OpenAI, and SpaceX valuations surpass 25 years of tech exits

Anthropic, OpenAI, and SpaceX are poised to collectively generate more market value than all U.S. venture capital-backed company exits over the past 25 years. SpaceX recently debuted on the public markets with a $1.77 trillion valuation, and both Anthropic and OpenAI are anticipated to reach multi-trillion dollar valuations as they approach their own stock market debuts.

According to the latest Venture Monitor report from NCVA-Pitchbook, the combined valuation of these three companies could exceed $4 trillion. This figure significantly surpasses the total value generated by all U.S.-based venture capital-backed exits from 2000 to 2025. For context, the U.S. Securities and Exchange Commission (SEC) recorded a total of $70 billion from U.S. IPOs last year.

The report measures "value created" rather than solely the liquid cash generated by IPOs. It's also important to note that many major technological advancements, such as the launch of Apple's iPhone or Google's Android, occurred within already public companies and are therefore not included in these exit figures.

Historically, this period has been marked by significant technological advancement. Companies like Google (2004), Tesla (2010), and Meta (2012), now among the world's most valuable, went public during this timeframe. Several substantial acquisitions, including LinkedIn, Slack, and WhatsApp, also took place. Uber's $84 billion IPO in 2019 would have seemed astronomical previously but represents less than 5% of SpaceX's current valuation alone.

Furthermore, companies are likely staying private for longer before IPO, allowing for higher valuations. The substantial capital requirements for artificial intelligence training have also increased companies' funding needs and significantly inflated their valuations.