SpaceX could soon make history with what might be the largest IPO ever, and Anthropic isn't far behind. Both companies are gearing up for public debuts in 2026 that could unleash billions for investors and reshape the venture capital landscape.

SpaceX’s Trillion-Dollar Ambition

SpaceX has stayed private for more than 20 years, quietly building a space empire under Elon Musk’s leadership. Now, rumors suggest the aerospace giant is ready to file for an IPO, potentially valuing the company at $1.5 trillion or more. That would make it one of the biggest venture-backed offerings in history.

The company’s massive plans to expand its Starlink satellite internet service are a key driver behind the IPO push. Starlink aims to beam internet directly to mobile devices worldwide, a costly effort requiring billions to launch thousands of new satellites into orbit.

Interestingly, investors have a way to tap into SpaceX stock before it officially hits the public markets. EchoStar, a telecommunications company, recently sold its spectrum to SpaceX in a $19.5 billion deal. As part of the transaction, EchoStar received $11 billion in SpaceX stock, turning it into a sort of proxy for SpaceX shares. EchoStar’s stock has surged 300% over the past year, reflecting investor anticipation of SpaceX’s public debut.

Anthropic and AI’s IPO Wave

Anthropic, an AI startup, is also eyeing a 2026 IPO amid a frenzy of interest in artificial intelligence companies going public. Alongside OpenAI, these firms represent some of the largest venture-backed tech IPO candidates in recent memory.

PitchBook estimates that the combined value created by SpaceX, OpenAI, and Anthropic’s IPOs could surpass all venture-backed IPOs since 2000. That’s a staggering thought, considering U.S. VC-backed IPOs raised $62.1 billion in 2021 — a year previously considered record-breaking.

Still, the anticipated liquidity events are expected to be highly concentrated among a select group of investors. Heavy hitters like Nvidia, Microsoft, Fidelity, Andreessen Horowitz, and T. Rowe Price have stakes in these companies. That concentration could reinforce existing power dynamics in venture capital, with top-tier firms benefiting most from the windfalls.

Leveraged ETFs Aim to Ride the IPO Wave

Asset managers are already positioning themselves to capitalize on these upcoming IPOs. REX Shares and Tuttle Capital Management have filed for two exchange-traded funds (ETFs) designed to offer 2x leveraged exposure to SpaceX and Anthropic stocks once they begin trading.

These leveraged ETFs, named the T-Rex 2x Long SpaceX Daily Target ETF and the T-Rex 2x Long Anthropic Daily Target ETF, aim to attract retail investors eager to ride the volatility and hype surrounding these IPOs. It's a rare case where ETFs are being proposed before the underlying stocks even exist publicly, highlighting the intense demand and speculative excitement.

Investors who buy these funds can expect double the daily gains — but also double the losses — tied to SpaceX and Anthropic shares. The filings reveal how aggressively some fund managers want to claim early market territory before the IPOs officially launch.

Venture Capital’s Liquidity Drought and Market Risks

Venture capital has been starved for liquidity for years. Many investors have been waiting for blockbuster IPOs to cash out and recycle capital. The potential public offerings of SpaceX and Anthropic could break that dry spell.

But the timing isn’t perfect. Geopolitical tensions, such as the war in Iran, have rattled markets. Recent tech IPOs have stumbled post-debut, with Figma shares dropping roughly 80% after an initially strong start. The market’s appetite for big tech IPOs remains uncertain.

If none of these major players proceed with IPOs, it could signal that the public markets remain closed to tech firms for the foreseeable future.

SpaceX and Anthropic’s IPOs could redefine venture capital returns and trading opportunities. Meanwhile, the new leveraged ETFs show just how eager investors are to get in early — even before the companies trade publicly. Will these bets pay off in 2026? Only time will tell.