Three of the most anticipated initial public offerings in recent memory are approaching the public markets, prompting wealth managers to refine their approaches for client portfolios. SpaceX, OpenAI, and Anthropic have each taken steps toward listings in the second half of 2026, with combined valuations exceeding $2.8 trillion. Advisors are now weighing how to navigate the hype, volatility, and pricing dynamics that accompany such high-profile debuts.
SpaceX filed its S-1 prospectus with the Securities and Exchange Commission last week, revealing consolidated 2025 revenue of $18.67 billion after its all-stock acquisition of xAI in February 2026. The company is targeting a public listing as early as September 2026 at a valuation above $1 trillion. OpenAI also submitted its S-1, aiming for a fourth-quarter 2026 listing at a valuation between $852 billion and $1 trillion, with Goldman Sachs and Morgan Stanley leading the underwriting. Meanwhile, Anthropic raised $65 billion in a funding round announced last Thursday, valuing the firm at $965 billion, and is reportedly pursuing a public listing as soon as October 2026.
Ed Cofrancesco, CEO of International Assets Advisory, suggests that advisors may want to consider a phased entry into these names rather than chasing initial demand, given the potential for overpricing and volatility at launch. He cautions, however, that waiting can be a double-edged sword. "In the case of Facebook, that course of action would have worked out very well. In many other instances, following that strategy would have left you waiting at the dock for a ship that had already sailed," Cofrancesco said. He advocates for a cautious but flexible approach tailored to each client's risk tolerance.
Dean Rubino, CEO of KPC Private Funds, highlights a structural shift in how high-growth companies access capital. Two decades ago, many of today's tech giants would have gone public earlier to fund expansion. Now, sovereign wealth funds, private equity, and venture investors provide that capital privately, allowing companies to reach greater scale before listing. "The more important question for investors is whether most of the enterprise value creation is now happening pre-IPO instead of post-IPO," Rubino said. He notes that advisors often favor post-IPO investing because it is operationally familiar and liquid, but this may mean missing earlier stages of value creation.
Rubino adds that institutional-quality pre-IPO exposure remains difficult for advisors to access in a scalable way, as most client portfolios require investments that appear on custodial statements and integrate with existing reporting systems. "The key is disciplined sizing and understanding that these are long-duration investments tied more to future market dominance than near-term fundamentals," he said.
Abe Sheikh, chief investment officer at Cordoba Advisory Partners (CAP), takes a more cautious stance, advising clients to stay away from these IPOs at current prices. "Patience is likely to be rewarded, as the initial exuberance gives way to a more realistic valuation of the underlying businesses," Sheikh said. He warns that buying at elevated valuations may limit long-term returns, given how much growth is already priced in. "Both SpaceX and OpenAI are great businesses. Our primary concern centers around high valuations, which is likely to limit future returns at current prices," he added.
For advisors, the challenge is balancing client demand for these marquee names with prudent portfolio construction. As the SpaceX IPO at $2 Trillion discussion highlights, Starlink's 63% margins contrast with a 133x revenue multiple, underscoring valuation concerns. Meanwhile, Anthropic's AI agent templates for financial services, backed by $1.5 billion in Wall Street venture funding, signal the firm's push into advisor workflows. The SpaceX IPO could unlock a $1.8 trillion space economy, according to Westwood's CIO, adding another layer of long-term potential.
Ultimately, the decision to buy early or wait hinges on each client's time horizon and risk appetite. As these mega-IPOs approach, advisors are preparing for a period of heightened volatility and opportunity, with the understanding that disciplined sizing and patience may be the keys to capturing value in these transformative companies.
