This article first appeared on GuruFocus. Microsoft (NASDAQ:MSFT) OpenAI, Anthropic and SpaceX (NASDAQ:SPCX) have reached a combined valuation of roughly $5.2 trillion, eclipsing the $4.1 trillion first-day value generated by 3,365 U.S. technology IPOs between 1980 and 2025. The comparison captures just how concentrated investor expectations have become around a handful of AI and infrastructure platforms, while also raising the stakes for these companies to eventually justify valuations that already rival decades of public-market wealth creation. Warning! GuruFocus has detected 1 Warning Sign with SPCX. Is SPCX fairly valued? Test your thesis with our free DCF calculator. The $5.
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