Top IPOs to Watch — Vol. 4: SpaceX, Anthropic, OpenAI + 7 More — June 2026

The Roster — Week of June 1, 2026

Company	Valuation	IPO Status	Heat
SpaceX / Starlink	~$1.8T target	Listing June 12 (SPCX)	🔥🔥🔥
Anthropic	$965B	Fall 2026 expected	🔥🔥🔥
OpenAI	$852B	Confidential S-1 filed; Sept target	🔥🔥🔥
Databricks	$134B	S-1 mid-summer; Q3 target	🔥🔥
Anduril	$61B	No filing; ~50% odds of 2026	🔥🔥
Cursor (Anysphere)	~$50B (in talks)	No filing; years out	🔥🔥
Polymarket	~$15B (in talks)	No filing	🔥🔥
Crusoe	~$10B+ (raising)	Pre-IPO round; 2026 candidate	🔥
Stripe	$159B	No imminent IPO	🔥
Kraken	$13.3B–$20B	Confidential S-1; now eyeing 2027	🔥

Welcome back to the tracker. I’ve watched a lot of companies cross from private to public, and I’ll tell you what almost nobody says out loud during a week like this one: the headlines are doing the opposite of what you’d expect. The two biggest names — SpaceX and Anthropic — both made enormous moves in the last seven days, and in both cases the move carried a quiet caution flag underneath the fireworks. Let’s go through it the way I’d brief a partner before a board call: facts first, then what I’d actually do.

1. SpaceX / Starlink — the date is real, the valuation isn’t fixed

What changed this week: Reuters and Bloomberg both reported the listing is now expected Friday, June 12, on the Nasdaq under ticker SPCX. The bigger tell: Bloomberg reported May 29 that SpaceX lowered its valuation target to “at least $1.8 trillion,” walking back the $2T+ figure floated in April. The public S-1 is out, and the numbers are stark — Starlink generated $11.39B in revenue last year (61% of the total, rising to 69% in Q1) and was the only profitable division at $4.42B, while the launch business lost $657M and the AI unit ran a $6.35B deficit.

Valuation: ~$1.8T target now, down from the $2T+ April chatter, with a raise of roughly $75B.

Pros:

• Starlink is a genuine cash engine — 10.3M subscribers and real margins, not a story stock.
• This is the first roster name retail will actually be able to buy on the open market in days.
• A successful SPCX print would crack open the entire 2026 IPO window behind it.

Cons:

• A $1.8T debut means you’re paying a launch-day premium for a company already valued like a top-five public company.
• The non-Starlink segments lose money — you’re underwriting the satellite unit and getting the rest as a lottery ticket.
• Cutting the target two weeks before listing tells you demand is being managed carefully.

Retail action: If you want exposure before June 12, the cleanest proxy remains DXYZ (SpaceX is ~52% of it — see the fund table). After listing, SPCX trades like any other stock. My honest read: let the lockup-free chaos of the first few sessions settle before deciding whether $1.8T is a price or a dare. This is information, not a buy instruction.

2. Anthropic — the new most valuable AI startup, and maybe the last private round

What changed this week: Anthropic closed a $65B Series H at a $965B post-money valuation on May 28 (TechCrunch, CNBC, Bloomberg), vaulting past OpenAI’s $852B to become the most valuable private AI company in the world. The round was co-led by Altimeter, Dragoneer, Greenoaks, Sequoia, Capital Group, Coatue and D1, with Samsung, SK Hynix and Micron joining as strategic infrastructure partners. Management says run-rate revenue crossed $47B, and the WSJ reported it expects a 130% revenue surge toward its first operating profit. Most importantly: this is widely described as the last private raise before a fall IPO.

Valuation: $965B, up from the ~$350B area earlier this year — a staggering step-up.

Pros:

• A $47B run-rate with a credible path to operating profit is a different animal than pure cash-burn AI.
• Strategic chip partners (Samsung, SK Hynix, Micron) lock in supply at a moment when compute is the constraint.
• A fall IPO gives retail a real, near-term entry point.

Cons:

• $965B private means the IPO “pop” you’re hoping for may already be priced in.
• The valuation nearly tripled in months — that’s momentum, and momentum cuts both ways.
• It’s still racing OpenAI; a single model leapfrog can reset the narrative.

Retail action: No direct retail access today. ARKVX holds Anthropic and is the lowest-friction proxy. If the fall IPO materializes, this is the name to have a brokerage and a plan ready for. Position, don’t chase.

3. OpenAI — the S-1 is in

What changed this week: CNBC and others confirmed OpenAI filed its confidential S-1 with the SEC on May 22, targeting a September listing above $1 trillion, with Goldman Sachs and Morgan Stanley leading. That follows the record $122B round at $852B announced March 31 (Amazon, Nvidia, SoftBank, a16z). Revenue is running ~$2B/month (~$24B annualized).

Valuation: $852B private; IPO target above $1T.

Pros:

• The most recognized consumer AI brand on the planet, with enormous distribution.
• A confidential S-1 is the clearest “we’re going” signal short of a roadshow.
• September timing means retail won’t wait long.

Cons:

• Not profitable — internal projections reportedly show ~$14B in losses in 2026 and no profit until around 2030.
• Now the second-most-valuable AI lab after this week; the “obvious leader” story took a dent.
• A $1T+ debut on heavy cash burn is a faith trade.

Retail action: No direct access pre-IPO. ARKVX carries OpenAI exposure. Treat September as a watch date, not a deadline to act on.

4. Databricks — the grown-up in the room

What changed this week: No new round, but the narrative keeps hardening: S-1 expected mid-summer, Q3 listing, Goldman and Morgan Stanley as joint leads. Databricks remains the only profitable name in the pipeline — $5.4B annualized revenue growing ~65%, positive free cash flow, and net retention north of 140%.

Valuation: $134B (December 2025 Series L).

Pros: Actual profitability and free cash flow; enterprise data/AI tailwind; clean comp set for public investors to price.

Cons: $134B isn’t cheap on $5.4B revenue; an AI-adjacent multiple that could compress; still no filed S-1 yet.

Retail action: When the S-1 drops, this is the one I’d read line by line — it’s the only name here where the fundamentals do the talking. No direct access until listing; secondary platforms (below) carry shares.

5. Anduril — defense tech doubles down

What changed this week: Fresh off its May 13 raise, Anduril is sitting on a $61B valuation after a $5B Series H led by Thrive and a16z — double the $30.5B from under a year ago. Revenue doubled to $2.2B in 2025. Palmer Luckey says he’ll “definitely” take it public, but prediction markets put 2026-IPO odds near 50/50.

Valuation: $61B, up from $30.5B.

Pros: Real revenue and a structural defense-spending tailwind; founder committed to an eventual listing; rare hardware moat.

Cons: No S-1, no confirmed timeline; revenue is concentrated in government contracts; valuation doubled fast.

Retail action: No direct route. For the defense-and-space theme broadly, ARKX (now the ARK Space & Defense Innovation ETF) is the closest public vehicle, though it won’t hold Anduril directly. Watch for a filing, not a tweet.

6. Cursor (Anysphere) — the fastest-growing software company nobody can buy

What changed this week: No new round, but the April news still defines it — Anysphere is in advanced talks for a ~$2B raise at a $50B valuation, nearly double its $29.3B mark from November. ARR has hit $2B, with internal projections of $6B by year-end 2026. a16z and Thrive co-leading; Nvidia strategic.

Valuation: ~$50B (in talks).

Pros: Possibly the fastest revenue ramp ever recorded in software; deep enterprise pull; Nvidia in the cap table.

Cons: No IPO on the horizon — years out; AI coding is fiercely competitive (GitHub, OpenAI, Google all circling); valuation tripled in six months.

Retail action: No public access and none coming soon. File this under “track the ARR, not the ticker.” There is no ticker.

7. Polymarket — prediction markets get an exchange backer

What changed this week: Polymarket is in talks for a $400M round at ~$15B, up from $9B last year, following ICE’s $600M direct investment on March 27. Volumes hit $51B last year and are pacing toward ~$240B this year. Rival Kalshi sits at a $22B valuation with ~$1.5B annualized revenue.

Valuation: ~$15B (in talks).

Pros: Explosive volume growth; a serious strategic backer in ICE (the NYSE parent); only recently turned on U.S. fees and revenue.

Cons: Regulatory overhang on prediction markets; trails Kalshi in the U.S.; no IPO timeline.

Retail action: No equity access. The most interesting indirect angle is publicly traded ICE (NYSE: ICE), which now holds a stake — but that’s a tiny sliver of a huge company. Informational only.

8. Crusoe — the picks-and-shovels AI bet

What changed this week: Crusoe is raising fresh pre-IPO capital at a step-up to its ~$10B October mark. The 2026 revenue target is ~$2B (from ~$1B in 2025), and the hire of Michael Gordon — who led MongoDB’s 2017 IPO — as COO/CFO reads as public-market prep.

Valuation: ~$10B+, with a higher round in progress.

Pros: Infrastructure exposure to the AI buildout without single-model risk; Nvidia and Founders Fund backing; CFO with an IPO track record.

Cons: Capital-intensive, energy-dependent model; rumored round not yet closed; furthest from a confirmed timeline among the data-center names.

Retail action: No direct access. The data-center/AI-infra theme is better expressed today through public names; treat Crusoe as a 2026–27 watch item.

9. Stripe — the one that doesn’t need you

What changed this week: Nothing — and that’s the point. Stripe’s $159B February tender (up from $107B) gave employees liquidity and removed the main reason to IPO. The co-founder’s line stands: for Stripe, an IPO would be “a solution in search of a problem.” Payment volume hit $1.9T in 2025, up 34%.

Valuation: $159B.

Pros: Best-in-class fintech with self-funding economics; no dilution pressure; pristine growth.

Cons: No IPO catalyst — possibly for years; tender offers let insiders cash out without ever going public.

Retail action: Stop waiting for a near-term IPO. Secondary platforms carry Stripe shares for accredited investors; everyone else, move it to the back burner.

10. Kraken — the one that slipped

What changed this week: Kraken confirmed a confidential S-1, but the timeline is sliding — Bloomberg reports a 2027 debut is now in view, and the implied valuation has sagged to $13.3B (via Deutsche Börse’s $200M for a 1.5% stake) even as the parent raises at a $20B headline. CEO Arjun Sethi called the exchange “80% ready.”

Valuation: $13.3B (implied) vs. $20B (raise target).

Pros: Confidential filing on record; aggressive M&A (Reap, Bitnomial) building scale; leveraged to any crypto upcycle.

Cons: Timeline slipping to 2027; valuation gap between the implied and headline numbers; crypto-cyclical revenue.

Retail action: The cleanest public crypto-exchange proxy is Coinbase (COIN). For Kraken itself, this is no longer a near-term story — downgrade it on your watchlist accordingly.

Honorable Mentions

xAI — now inside SpaceX. The most important footnote of the quarter: SpaceX absorbed xAI in an all-stock deal earlier this year, folding it in at a ~$250B standalone mark. That means a slice of your SPCX exposure on June 12 is effectively an xAI bet. It’s no longer a standalone IPO candidate — it’s part of the biggest listing ever.

Kalshi. Polymarket’s U.S. rival is the quiet leader by valuation ($22B) and revenue (~$1.5B annualized). No IPO chatter yet, but if prediction markets keep compounding at this pace, Kalshi belongs on the radar before Polymarket does.

The defense-tech cohort. Anduril’s raise is a signal, not an outlier — capital is flooding into defense and dual-use hardware. Names like Shield AI and Saronic are worth watching as the next wave behind Anduril.

Pre-IPO Fund Performance

Fund	YTD Return	Access	Top Holdings / Notes
DXYZ (Destiny Tech100)	~ −3.9%	Buy on Nasdaq like a stock	~52% SpaceX; concentrated bet on the June 12 listing. Trades at a volatile premium/discount to NAV.
ARKVX (ARK Venture)	~ +8.4%	Interval fund; $500 min via brokerages	Holds OpenAI, Anthropic, SpaceX exposure. Low realized volatility (~1.8%); quarterly liquidity windows.
ARKX (ARK Space & Defense Innovation ETF)	~ +10.4%*	Standard ETF, any brokerage	33 holdings, ~$916M AUM, 0.75% expense. Public space/defense names — note the recent rename to “Space & Defense Innovation.”

*ARKX YTD as of the most recent disclosure (late Feb 2026). Fund-level news: DXYZ continues to trade at a wide premium/discount to NAV and is effectively a leveraged read on SpaceX’s debut; ARKVX remains the only broad way to touch OpenAI and Anthropic in one wrapper.

Secondary Market Access

The plumbing keeps consolidating. Forge Global was acquired by Charles Schwab on March 2, 2026 (for ~$660M, down sharply from its $2B SPAC price) — Forge still operates, but it now sits inside Schwab. EquityZen, now under Morgan Stanley, cut fees to ~2.5% on both buy and sell sides with a $5K minimum, making it the cheapest route for sub-$100K tickets. Hiive offers the best live price discovery — 3,000+ companies, $100M+ in monthly volume, 0% management fee on its funds — and is itself raising at a ~$650M valuation. UpMarket remains an option for alternatives, with $450M+ brokered to date. All of these require accredited-investor status. For everyone else, the listed funds above are the only door.

Cross-Links

Catch up and go deeper:

• Top IPOs to Watch — Vol. 3 (May 25, 2026)
• Starlink IPO Update: The S-1 Drops — Going Public With SpaceX
• Anthropic IPO 2026 Deep Dive
• OpenAI IPO 2026 Deep Dive
• Databricks IPO 2026 Deep Dive
• How to Invest in Pre-IPO Stocks — Complete 2026 Guide
• Best Brokers for IPO Access 2026

FAQ

Which is most likely to IPO this month? SpaceX, by a mile — the listing is expected June 12 on the Nasdaq under SPCX. It’s the only roster name with a confirmed near-term date.

What changed since last week? Three big things: Anthropic closed a $65B round at $965B and passed OpenAI as the most valuable AI startup (May 28); SpaceX cut its IPO valuation target to ~$1.8T while locking in a June 12 date (May 29); and the picture firmed up that OpenAI’s confidential S-1 (filed May 22) puts it on a September track.

What’s the lowest-friction way to get pre-IPO exposure? For non-accredited investors, listed funds: ARKVX (interval fund, holds OpenAI/Anthropic/SpaceX) or DXYZ (a concentrated, volatile SpaceX proxy you can buy like a stock). After June 12, SpaceX itself trades publicly as SPCX.

Is Anthropic now bigger than OpenAI? By private valuation, yes — $965B vs. $852B as of this week. That’s a snapshot, not a verdict; both are still racing to the public markets.

Did Kraken’s IPO get delayed? Effectively, yes. Reporting now points to a 2027 debut despite a confidential S-1 on file. It’s no longer a near-term story.

Can I buy SpaceX shares before June 12? Not directly on the open market. Accredited investors can use secondary platforms; everyone else can get indirect exposure through DXYZ (~52% SpaceX) or ARKVX.

Disclosure

Aedilis holds no direct positions in any private company named here and has no current affiliate relationships with any broker, fund, or secondary-market platform mentioned. This tracker is informational and educational — it is not investment advice and not a recommendation to buy or sell any security. Pre-IPO and newly public investments carry substantial risk, including total loss. Valuations cited are from public reporting on the dates noted and change frequently. Do your own research and consult a licensed financial professional before investing. — Marcus Webb, for Aedilis. Updated every Monday at 8:30 AM ET.

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