Three of the world’s most valuable private companies—SpaceX, Anthropic and OpenAI—are preparing to enter public markets in what could become one of the largest IPO waves in history.
In this op-ed, Frank Holmes, CEO of U.S
Global Investors (NASDAQ:GROW), explores what these mega listings could mean for investors and index funds, warning that their scale may reshape portfolio construction, force major rebalancing across benchmarks and mark a turning point in how innovation flows from private markets into public ownership. In case you’ve been living under a rock for the past few months, three of the world’s largest and most consequential private companies—SpaceX, Anthropic and OpenAI—are preparing to go public in the same year. Together, they could add nearly $4 trillion in market cap to public markets.
Without getting too dramatic, the last time something happened on this scale, the internet was still in its infancy. I want to help you think through what this could really mean—for your retirement account, and for the indexes you probably own without realizing it. Companies Staying Private for Longer Some of you may remember a time when the initial public offering (IPO) was how companies funded growth.