According to Wednesday’s NCVA-Pitchbook Venture Monitor report, the pending IPOs of OpenAI and Anthropic, along with the SpaceX IPO, will generate more value than all U.S. VC-backed exits since 2000. SpaceX has already gone public at a $1.77 trillion valuation, and with Anthropic and OpenAI pushing into the trillions, the trio together will likely land somewhere north of $4 trillion. By comparison, the U.S. Securities and Exchange Commission counted just $70 billion in U.S.-based IPO proceeds last year. The report’s language includes caveats: it does not include non-U.S. companies like Alibaba, and measures “value created” rather than strictly liquid cash. The period since 2000 saw IPOs from Google (2004), Tesla (2010), and Meta (2012), as well as acquisitions of LinkedIn, Slack, and WhatsApp for more than $20 billion each. Uber’s $84 billion IPO in 2019 is less than 5% of what SpaceX just raised. Companies are staying private for longer, and the capital-intensive nature of AI training has inflated valuations, but the scale of these public offerings is pushing financial infrastructure to its limit.