Global · Markets
Key Facts
—The race: the trillion-dollar IPO contest sharpened on May 20, when SpaceX filed its public prospectus and OpenAI was reported to be preparing its own listing within the same day.
—SpaceX scale: the rocket and satellite group, now merged with AI venture xAI, reported $18.67 billion in 2025 revenue and is targeting a valuation around $1.75 trillion, with a raise of up to $75 billion.
—OpenAI scale: the ChatGPT maker, last valued at $852 billion, is working toward a listing as soon as September at a valuation above $1 trillion.
—Same banks: Goldman Sachs and Morgan Stanley are advising both deals, an unprecedented overlap that forces investors to weigh the two giants side by side.
—The timeline: SpaceX is eyeing a Nasdaq debut around June 12 under the ticker SPCX, while OpenAI’s path points to the second half of the year.
—The Latam thread: SpaceX’s valuation leans heavily on Starlink, which leads Brazil’s satellite-internet market, tying the listing to a fast-growing regional business.
Two of the most valuable private companies on Earth moved toward the public market on the same day. For Latin America, the most relevant strand runs through Starlink, the satellite business that anchors much of SpaceX’s pitch.
What is the trillion-dollar IPO race?
The Rio Times, the Latin American financial news outlet, reports that the trillion-dollar IPO race took a decisive turn on May 20, when SpaceX filed its public prospectus with US regulators and reports surfaced that OpenAI was preparing its own listing within hours. The near-simultaneous moves set up the largest IPO contest in modern market history.
Both companies are working with the same lead banks, Goldman Sachs and Morgan Stanley, an overlap with no real precedent. Analysts note that filing close together lets each company tell its own story while forcing fund managers to evaluate the two side by side.
How big are the two deals?
SpaceX, now combined with Elon Musk’s AI venture xAI, reported $18.67 billion in 2025 revenue and a net loss of about $4.94 billion. It is targeting a valuation near $1.75 trillion and a raise of up to $75 billion, which would shatter all previous IPO records, with a Nasdaq debut pencilled in around June 12.
OpenAI, last valued at $852 billion in a March funding round, is aiming to list as soon as September at a valuation above $1 trillion. The ChatGPT maker runs at an annualised revenue rate above $20 billion but is still operating at a loss, with Microsoft among its largest shareholders.
Why does the SpaceX listing matter for Latin America?
A large part of SpaceX’s valuation rests on Starlink, its satellite-internet arm, which leads Brazil’s satellite market and has been authorised to deploy thousands of satellites over the country. A public listing puts that fast-growing regional business under the scrutiny of quarterly disclosure for the first time.
For Brazilian and regional readers, that means clearer visibility into a company that already shapes rural connectivity across Latin America and is now preparing to beam phone service directly to handsets. The listing also intensifies competition, as Chinese-backed rivals push into the same market.
What are the risks?
Both companies are loss-making and would carry valuations far above their current revenue, leaving little room for disappointment. A weak debut by either could chill appetite for the wave of high-profile technology listings expected this year.
There is also political risk specific to the region. Musk’s companies have clashed with Brazilian authorities before, and any renewed friction over regulation or content could complicate Starlink’s expansion just as its parent goes public.
What should investors and analysts watch next?
- SpaceX pricing: the June debut will test whether the market accepts a near-$1.75 trillion valuation.
- OpenAI’s filing: when and at what valuation the ChatGPT maker formally files sets the next marker.
- Starlink disclosure: the prospectus could reveal regional revenue detail for the satellite business.
- Regional competition: how Chinese-backed constellations respond in Brazil and beyond.
- Market appetite: whether two mega-listings can be absorbed without straining demand.
Frequently Asked Questions
What is the trillion-dollar IPO race?
It is the near-simultaneous push by SpaceX and OpenAI toward public listings, each valued around or above $1 trillion, with SpaceX filing its prospectus and OpenAI preparing one on the same day.
How much could SpaceX raise?
SpaceX is targeting a valuation near $1.75 trillion and a raise of up to $75 billion, which would be the largest IPO on record, with a Nasdaq debut planned around June 12.
When will OpenAI go public?
OpenAI is working toward a listing as soon as September at a valuation above $1 trillion, advised by Goldman Sachs and Morgan Stanley, though timing could shift with market conditions.
What is the Latin America connection?
SpaceX’s valuation leans on Starlink, which leads Brazil’s satellite-internet market, so the listing ties directly to a business already central to regional connectivity.
What are the main risks?
Both companies are loss-making with valuations far above revenue, and a weak debut could cool the wider tech-IPO wave, while regional regulatory friction could complicate Starlink’s growth.
Connected Coverage
The listing spotlights a business we track closely, as Brazil’s market shifts into a regulated, crowded satellite-internet battleground. It builds on the moment when Brazil authorised Starlink to deploy 7,500 satellites, and the rivalry sharpened as Telebras partnered with China’s SpaceSail to challenge Starlink.
Reported by Sofia Gabriela Martinez for The Rio Times — Latin American financial news. Filed May 20, 2026 — 23:30 BRT.
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