OpenAI announced Monday, June 8, 2026, that it has filed a confidential S-1 to go public. This move follows a similar filing by rival Anthropic on June 1 and precedes SpaceX’s trillion-dollar IPO scheduled for this Friday. The race marks a historic shift of AI giants into public markets.
The Confidential S-1 and OpenAI’s Strategic Tradeoffs

Anthropic’s Valuation Surge and the DOD Conflict

The SpaceX Benchmark and the Trillion-Dollar Ceiling
Capital Migration: AI Stocks vs. Bitcoin

- Semiconductor ETFs: Attracted nearly $3 billion in inflows in one week, bringing the yearly total to approximately $21 billion.
- Bitcoin ETFs: BlackRock’s Bitcoin ETF saw cumulative outflows of nearly $2 billion since May 20.
The Power Law and the Magnificent Eight
The concentration of wealth in this sector is creating a “K-shaped” divergence. Thomas Laffont, co-founder of Coatue, has identified a group of eight unlisted giants—including SpaceX, OpenAI, Anthropic, Stripe, Databricks, Revolut, ByteDance, and Anduril—as the “Magnificent Eight” of the primary market. Laffont’s analysis, reported by 36Kr, suggests a counterintuitive probability regarding growth: the larger a company becomes, the more likely it is to continue growing exponentially.| Current Valuation Tier | Probability of 10x Growth |
|---|---|
| Unicorn (>$1 billion) | ~8% to become a Decacorn |
| Decacorn (>$10 billion) | 8% to 13% to reach $100 billion |
| Giant (>$100 billion) | 31% |
