Investors should prepare for a potential SpaceX IPO in June 2026, as the company targets a record-breaking $1.75 trillion valuation to fund its Starship and lunar initiatives. In the defense sector, Anduril presents a unique secondary market arbitrage opportunity, with its private shares trading at a 52% premium over its current $60 billion primary funding round. High-growth AI infrastructure is a major theme, with Together AI scaling to $1 billion in revenue and OpenAI projecting a massive $30 billion revenue run rate following the launch of GPT 5.4. For those seeking exposure to AI software adoption, Cursor (Anysphere) has reached hyper-growth with $2 billion in annualized revenue and a dominant 25% market share in AI coding assistants. Finally, Kraken is a top fintech watch as it nears a public debut following a landmark regulatory win granting it direct access to the Federal Reserve’s payment system.

SpaceX

• Confidential IPO Filing: Targeting a confidential filing with the SEC as soon as March 2026, positioning for a potential June 2026 listing.
• Record-Breaking Valuation: Seeking a valuation above $1.75 trillion, which would make it the largest IPO on record.
• Financial Restructuring: Repaying $17.5 billion in debt tied to X and xAI to clean up its capital structure.
• Secondary Market: Currently trading at a $1.473 trillion valuation in secondary markets, up nearly 18% since the xAI merger in February 2026.

Takeaways

• Market Dominance: At the target valuation, SpaceX would be worth more than Meta or Tesla, ranking as a top 6 company in the S&P 500.
• Growth Drivers: IPO proceeds are earmarked for "Starship" flight rates, space-based AI data centers, and a lunar base.
• Investor Sentiment: The secondary market premium suggests high demand ahead of the public debut.

Anduril

• Capital Raise: Seeking $4 billion (potentially up to $8 billion) at a $60 billion valuation, led by Sands Capital and Andreessen Horowitz.
• Revenue Growth: Revenue is on track to double to $4.3 billion in 2026, driven by defense contracts for drones and autonomous systems.
• Profitability Timeline: Operating losses are expected to be ~$1 billion annually for the next four years; EBITDA profitability is not projected until 2030.

Takeaways

• Defense Tech Shift: Investors are betting on startups winning market share from "legacy" defense contractors through AI and advanced manufacturing.
• Secondary Market Arbitrage: The secondary market valuation is $91.4 billion, significantly higher (52.3%) than the current primary funding round valuation.

Together AI

• Funding: Raising $1 billion at an $8.5 billion post-money valuation.
• Infrastructure Shift: Moving from leasing NVIDIA servers to owning its own GPU infrastructure, requiring an estimated $8 billion build-out.
• Revenue: Generating $1 billion in annualized revenue, a 3x increase from mid-2025.

Takeaways

• Scaling Fast: Plans to reach 250 megawatts of capacity to support over 100,000 NVIDIA GPUs.
• Stability: Has secured multi-year, multi-billion-dollar GPU rental agreements with major cloud providers.

Cursor (Anysphere)

• Hyper-growth: Annualized revenue topped $2 billion in February 2026, doubling in just three months.
• Market Share: Holds roughly 25% of the generative AI coding assistant market.
• Valuation: Secondary market valuation has surged to $55.5 billion, up 82.6% since November 2025.

Takeaways

• Enterprise Adoption: 60% of revenue now comes from corporate customers, signaling a shift from individual hobbyists to professional engineering teams.
• Product Innovation: New "Automations" feature allows AI agents to work asynchronously without human prompts.

Anthropic

• Explosive Revenue: Annualized revenue hit $20 billion, up from $9 billion at the end of 2025.
• Valuation: Currently valued at $380 billion.

Takeaways

• Momentum: The company saw 36% growth in just a few weeks, driven by the adoption of its Claude models.

OpenAI

• Revenue Scale: Reached $25 billion in annualized revenue; internal metrics suggest a run rate closer to $30 billion.
• Long-term Outlook: Projecting $284 billion in revenue by 2030, though it expects to spend $665 billion on servers in that timeframe.
• Product Updates: Launched GPT 5.4, showing significant improvements in knowledge work and reduced error rates.

Takeaways

• User Base: ChatGPT has reached 920 million weekly active users.
• Cash Flow: Like Anduril, OpenAI does not project positive cash flow until 2030 due to massive infrastructure costs.

Kraken

• Regulatory Milestone: Won access to the Federal Reserve’s core payment system (Fedwire), a first for a crypto firm.
• IPO Plans: The company has already filed a plan for an IPO following a $20 billion valuation in late 2025.

Takeaways

• Institutional Appeal: Direct Fedwire access allows for faster fiat movement, making Kraken more competitive with traditional banks for institutional clients.

Other Notable Mentions

Decagon

• Valuation: $4.5 billion (3x increase in less than a year).
• Focus: AI customer support; currently serves over 100 large customers like Avis and 1-800-Flowers.

Eight Sleep

• Valuation: $1.5 billion.
• Financials: Reported being free cash flow positive in 2025; expanding into FDA-related sleep apnea detection.

Stripe

• New Feature: Launched a billing tool for AI startups to "mark up" token costs, helping them maintain profit margins when using models like OpenAI or Anthropic.

Arda

• New Entry: Raising $70 million at a $700 million valuation to use AI for Western manufacturing automation and supply chain resilience.

Epic Games

• Legal Win: Settled with Google to lower Play Store commissions to 20% (down from 30%), which will likely improve margins for their mobile gaming business.