Will SpaceX or OpenAI IPO first?

SpaceX is emerging as the likeliest of the two private giants to reach the public markets first, with investors and industry observers watching for any sign that the company is preparing a long-awaited offering before OpenAI. The rocket and satellite company’s expanding business lines, from launch services to Starlink, give it a clearer route to a major listing if management decides the timing is right.

OpenAI, meanwhile, remains focused on scaling its AI products and infrastructure rather than rushing toward an offering. While a future IPO remains possible, executives have signaled that any move would depend on long-term strategy, governance considerations and market conditions. If SpaceX moves first, it would set up one of the biggest public-market debuts in recent years and mark a defining moment for the commercial space industry.