OpenAI, Anthropic and SpaceX together represent more than $5 trillion in valuations, underscoring the scale of investor expectations surrounding artificial intelligence. OpenAI is raising cash at a $1.2 trillion valuation, Anthropic could reach $2 trillion when it goes public, and SpaceX has a current $2 trillion market capitalization. The combined figure exceeds the value of all initial public offerings from 1980 through 2025, based on data from University of Florida Warrington College of Business emeritus professor Jay Ritter cited by The Financial Times. Anthropic, led by Dario Amodei, is expected to go public next month, although the timing could move to later in the fall, while OpenAI is targeting an IPO in 2027. The valuations reflect strong backing for AI but come as the industry faces concerns over potential harm to humans, cybercrime, authoritarian misuse and the rapid development of powerful models. Nvidia was valued at $5.5 trillion as of Tuesday, and Micron shares have gained more than 1,100% over the last two years. Despite the risks, market performance this week suggests investors have not abandoned the AI boom.