Mega-IPOs could signal market top, say analysts as SpaceX and OpenAI prep record floats

Cnbc · May 22, 2026 · 610 words · By Joseph Wilkins

AI Sector Valuation Market Bubble Concerns Corporate Profitability

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What to know about AI Sector Valuation

A flurry of initial public offerings from mega-cap companies this year could mark the top of the market, strategists said, drawing parallels with the late-1990s dot-com bubble.

Claims checked 13

Techniques found 2

Topics 3

Coverage spectrum

Coverage gap: Low Left coverage

Left0%

Center100%

Right0%

5 sources compared across this story cluster. This is an eFinder estimate from indexed source coverage, not an editorial rating.

What happened

A flurry of initial public offerings from mega-cap companies this year could mark the top of the market, strategists said, drawing parallels with the late-1990s dot-com bubble.

Why it matters

SpaceX's hotly anticipated IPO, confirmed in a regulatory filing on Thursday and expected on June 12, could mark the largest float in history.

Common ground

Elon Musk's firm is targeting a valuation of $1.75 trillion on the Nasdaq.

Perspective signals

The tension in the story is sharpened by Loaded Language, Exaggeration / Hyperbole: language that can make the dispute feel more urgent, personal, or adversarial than the underlying facts alone.

Follow-up questions

What new context would change how readers understand this AI Sector Valuation story?
What evidence would most clearly confirm or weaken the claim that OpenAI and Anthropic have also announced their intentions to go public later this year?
How does this story connect AI Sector Valuation with Market Bubble Concerns over the next few days?

open_in_new Read the original article: https://www.cnbc.com/2026/05/22/ipo-flurry-top-market-analysts-ai-spacex-musk-al…

psychologyPropaganda Techniques Detected

eFinder identified 2 propaganda techniques in this article. These signals explain how wording, emphasis, or missing context can shape a reader's interpretation.

warning

Loaded Language 80% confidence

Using words with strong emotional connotations to influence an audience.

Found in this article: eFinder flagged this technique because the story's framing or source language may guide readers toward a particular interpretation. Review the claim checks and evidence below to separate what is directly supported from what is implied by wording or emphasis.

Why it matters: Recognizing loaded language helps readers compare the article's framing with the underlying facts and with coverage from other sources.

warning

Exaggeration / Hyperbole 70% confidence

Overstating facts or claims to create a stronger emotional response.

Why it matters: Recognizing exaggeration / hyperbole helps readers compare the article's framing with the underlying facts and with coverage from other sources.

fact_checkClaims Checked

eFinder analyzed this article and checked 13 claims against available evidence, cross-references, web search, and Wikipedia. Here is what the fact-checking layer found.

check_circle Corroborated 4

info Single Source 3

schedule Pending 3

help Insufficient Evidence 2

cancel Disputed 1

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Claim 1: “OpenAI and Anthropic have also announced their intentions to go public later this year.”

CORROBORATED

TipRanks reports that OpenAI and Anthropic are in early-stage preparations for their IPOs, corroborating the intention to go public.

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web search NEUTRAL — OpenAI is an American artificial intelligence (AI) research organization headquartered in San Francisco, consisting of a for-profit public benefit corporation (PBC) partially controlled by a nonprofit…
https://en.wikipedia.org/wiki/OpenAI

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web search NEUTRAL — We believe our research will eventually lead to artificial general intelligence, a system that can solve human-level problems. Building safe and beneficial AGI is our mission.
https://openai.com/

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web search NEUTRAL — OpenAI’s mission is to ensure that artificial general intelligence (AGI) benefits all of humanity. In service of that mission, we sometimes provide grants (in the form of monetary compensation or API …
https://openai.smapply.org/

info

Claim 2: “SpaceX recorded a net loss in the latest quarter of $4.28 billion after losing $4.94 billion in 2025.”

SINGLE SOURCE

The evidence provided for this specific claim consists of general Wikipedia and news snippets that do not contain the specific financial figures ($4.28 billion loss or $4.94 billion loss in 2025).

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web search NEUTRAL — By 2012, SpaceX finished all COTS test flights and began delivering Commercial Resupply Services missions to the International Space Station. Also around that time, SpaceX started developing hardware …
https://en.m.wikipedia.org/wiki/SpaceX

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web search NEUTRAL — SpaceX designs, manufactures and launches advanced rockets and spacecraft. The company was founded in 2002 to revolutionize space technology, with the ultimate goal of enabling people to live on other…
https://www.spacex.com/

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web search NEUTRAL — 2 days ago · SpaceX's advanced new "V3" Starship megarocket is set to fly for the first time ever next week. The debut will feature some in-space action never seen before on a Starship mission.
https://www.space.com/tag/spacex

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Claim 3: “Elon Musk controlling 85% of the voting rights.”

INSUFFICIENT EVIDENCE

No evidence was found for this claim in the provided search results.

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Claim 4: “Its space business lost $619 million on an operating basis, while its AI unit lost $2.5 billion”

DISPUTED

There is a contradiction in the evidence. Bloomberg reports the Space segment generated $619 million in revenue. However, the claim states the space business 'lost $619 million on an operating basis'. Furthermore, while the AI unit is cited as a major driver of losses (BusinessToday/Bloomberg), the specific figure of a $2.5 billion loss is close to but not exactly matched by the $2.47 billion mentioned in the SpaceX/stock market flotation source.

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web search NEUTRAL — It has three business divisions: Space, Connectivity and AI. Of the $4.69 billion revenue reported in the latest quarter, 69 per cent came from Starlink, which contributed $3.26 billion and has more t…
https://www.businesstoday.in/markets/ipo-corner/story/spacex…

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web search NEUTRAL — SpaceX’s operating loss is largely being driven by the AI segment; the legacy SpaceX segments (Space and Connectivity) are profitable on both an operating and EBITDA basis.
https://finance.yahoo.com/markets/article/spacex-files-ipo-p…

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web search NEUTRAL — In the first quarter of 2026, SpaceX had revenue of $4,694 million, of which $3,257 million came from its Connectivity segment (Starlink internet), $619 million from Space (rocket launches) and $818 m…
https://www.bloomberg.com/opinion/newsletters/2026-05-21/spa…

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Claim 5: “Its Starlink arm generated $3.26 billion in revenue in the latest quarter, accounting for 69% of the total.”

CORROBORATED

BusinessToday and Bloomberg both report that Starlink (Connectivity) generated approximately $3.26 billion (or $3,257 million) in the latest quarter, accounting for roughly 69% of the total revenue ($4.69 billion).

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web search NEUTRAL — Starlink is a satellite internet constellation operated by Starlink Services, LLC, an international telecommunications provider that is a wholly owned subsidiary of American aerospace company SpaceX, …
https://en.wikipedia.org/wiki/Starlink

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web search NEUTRAL — While Starlink generated an operating profit of $1.19 billion, it wasn't enough to prevent the company from booking a total operating loss of $1.94 billion in the first quarter on $4.69 billion in rev…
https://www.lbc.co.uk/article/spacex-elon-musk-ai-5HjdZTm_2/

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web search NEUTRAL — SpaceX generated $18.7 billion in revenue last year, according to the filing. That number alone wouldn’t even place it in the top 250 public companies in the US.
https://www.tradingview.com/chart/TSLA/hoOw44Mj-SpaceX-Files…

schedule

Claim 6: “Sam Altman's firm also racing to list on public markets later in 2026.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

schedule

Claim 7: “OpenAI is also yet to make a profit”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 8: “All three companies are yet to generate an annual profit”

CORROBORATED

TipRanks explicitly states that OpenAI and Anthropic are 'also unprofitable'. Other sources discuss Anthropic 'nearing' or 'expecting' its first profitable quarter, implying it has not yet generated an annual profit.

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web search NEUTRAL — … Anthropic generated $4.8 billion in sales in the first quarter. Its quarterly revenue is now growing faster than Zoom did during the pandemic, and Google and Facebook in the run-up to their initial …
https://www.wheresyoured.at/anthropics-profitability-swindle…

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web search NEUTRAL — OpenAI and rival Anthropic are in early-stage preparations for their IPOs and are also unprofitable, said the Reuters piece. “Investors often latch onto a story where the potential growth is vast, and…
https://www.tipranks.com/news/spacex-openai-and-anthropic-ip…

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web search NEUTRAL — Anthropic nears profitability with $10 billion in annual revenue. 11 hours ago. Save for later.Anthropic news: revenue growth surges, eyes first profit, beating OpenAI.
https://news.google.com/stories/CAAqNggKIjBDQklTSGpvSmMzUnZj…

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Claim 9: “Anthropic is expected to post its first-ever profitable quarter in its upcoming earnings.”

CORROBORATED

Multiple independent sources (TipRanks, PYMNTS, and a report via Google News) all state that Anthropic is expected to post its first profitable quarter in the upcoming (June) quarter.

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web search NEUTRAL — Anthropic To Report First Profitable Quarter With $10.9B In Revenue. 22 hours ago.Anthropic Is Reportedly About To Have Its First Profitable Quarter.
https://news.google.com/stories/CAAqNggKIjBDQklTSGpvSmMzUnZj…

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web search NEUTRAL — Anthropic is on track for its first operating profit in the second quarter of 2026, outpacing Google, Facebook and Zoom at similar stages.In the first quarter, Anthropic spent 71 cents on compute for …
https://www.pymnts.com/artificial-intelligence-2/2026/anthro…

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web search NEUTRAL — Claude chatbot maker Anthropic is expecting a massive 130% revenue surge to about $10.9 billion in the June quarter. The company also plans to post its operating profit for the first time, attributing…
https://www.tipranks.com/news/anthropic-eyes-first-ever-prof…

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Claim 10: “Elon Musk's firm is targeting a valuation of $1.75 trillion on the Nasdaq.”

SINGLE SOURCE

The provided evidence for this claim does not mention a target valuation of $1.75 trillion or a Nasdaq listing; it contains general company information and Starship news.

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Claim 11: “SpaceX's hotly anticipated IPO, confirmed in a regulatory filing on Thursday and expected on June 12”

SINGLE SOURCE

The provided evidence for this claim consists of general SpaceX Wikipedia entries and a news snippet about a Starship launch. There is no mention of a regulatory filing for an IPO or a specific date of June 12.

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help

Claim 12: “SpaceX wrote in its S-1 filing on Thursday that it has "a history of net losses and may not achieve profitability in the future."”

INSUFFICIENT EVIDENCE

No evidence was found for this claim in the provided search results.

schedule

Claim 13: “A $1.75 trillion valuation would put SpaceX on 67 times sales, three times as much as Nvidia's rating based on its past financial year and latest share price”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.