Space Exploration Technologies (NASDAQ: SPCX), aka SpaceX, had its historic IPO last month, receiving an initial valuation of $1.77 trillion. OpenAI CEO Sam Altman is seeking a valuation of $1 trillion for OpenAI, according to the confidential S-1 filed with the Securities and Exchange Commission. Advisors were not convinced the company could fetch that valuation, presenting two options: go public later this year at a lower market cap, or delay the IPO until 2027. Altman considers a trillion-dollar valuation non-negotiable. SoftBank, OpenAI's second-largest investor, took out a $40 billion "bridge loan" to support its investment, required to be repaid by March 25, 2027. The assumption was that OpenAI would go public this year, allowing SoftBank to cash out and repay the loan. OpenAI's revenue tripled from 2024 to 2025, but its losses grew more rapidly; last year, it booked an operating loss of nearly $21 billion.