This year, the bell finally rang for SpaceX. Its listing became one of the largest public debuts on record, and Anthropic and OpenAI are now taking their own steps toward the public markets. Taken together, these companies could introduce more than $3 trillion of new market value to public investors in a matter of months, representing a concentration of value entering the public markets in a single window that has few precedents.

SpaceX prices its IPO Thursday, with first trades Friday on the Nasdaq under ticker SPCX, at a fixed $135 per share. The base raise is $75 billion, rising toward $86 billion if underwriters exercise the over-allotment, the largest offering in history by a wide margin. In the same stretch, Anthropic and OpenAI each confidentially filed draft S-1 paperwork with the SEC. Anthropic filed first, on the heels of a funding round valuing the company near $965 billion. OpenAI followed