After SpaceX, the Anthropic and OpenAI IPOs are next. Here is what ASX AI investors need to know

Space Exploration Technologies Corp (NASDAQ: SPCX) listed last week at US$1.75 trillion.

It was the largest IPO in stock market history. And it is just the beginning.

Anthropic is targeting a December 2026 public debut at a forecast first-day market cap of approximately US$1.1 trillion, according to the most current forecasts.

OpenAI, which filed its own confidential S-1 earlier this month, is expected to follow in early 2027 at a comparable valuation.

Together, SpaceX, Anthropic, and OpenAI represent a combined public market value approaching US$4 trillion.

For Australian investors who cannot buy any of these stocks on the ASX, the question is what it means for the companies they can buy.

Why these IPOs matter for ASX investors

The most important consequence of trillion-dollar AI IPOs is not the immediate share price movement in SPCX, Anthropic, or OpenAI.

It is the reallocation of institutional capital that follows.

When capital flows into public AI companies at these valuations, attention and money flow toward every company in the AI infrastructure supply chain, including those listed on the ASX.

The AI thesis is being publicly validated at a scale never seen before.

Three ASX stocks sit directly in the path of that validation.

Betashares Space Industry ETF (ASX: RCKT)

The Betashares Space Industry ETF is already living proof of the thesis.

The fund launched at $14 per unit on 12 May 2026, well before SpaceX listed. It surged approximately 30% in the weeks leading up to the SpaceX IPO as anticipation built.

This served to demonstrate how powerfully public AI IPOs move adjacent listed markets.

RCKT holds 28 companies across the global space economy, with Rocket Lab and AST SpaceMobile as its two largest positions.

SpaceX itself will take time to enter the index, but the attention the listing generates flows directly into RCKT’s holdings.

As Anthropic and OpenAI approach their own listings later this year and in 2027, the same dynamic will play out across AI infrastructure stocks globally.

For ASX investors, RCKT captures that excitement in a single trade.

NextDC Ltd (ASX: NXT)

NextDC is Australia’s largest independent data centre operator and has the most direct relationship with the AI IPO wave of any ASX company.

OpenAI is NextDC’s foundational customer for its US$7 billion AI data centre campus in Western Sydney.

When OpenAI lists publicly at close to US$1 trillion, that customer relationship may be permanently reframed.

NextDC has already raised its FY 2026 capital expenditure guidance to between $2.7 billion and $3.0 billion as contracted utilisation surged 60% in the March quarter.

Morgans carries a buy rating on NextDC with a $19 price target, implying upside of approximately 36% from current levels.

Macquarie Technology Group Ltd (ASX: MAQ)

Macquarie Technology Group plays a different but equally important role.

Anthropic’s Claude platform is already being deployed by Australian government agencies and critical infrastructure operators who cannot use offshore AI infrastructure.

Anthropic’s annualised revenue reportedly crossed $47 billion in May 2026, and the company is on track to post its first operating profit in Q2 2026.

As Anthropic’s public listing raises its enterprise profile globally, the demand for sovereign Australian AI infrastructure will only grow.

Macquarie Technology is the primary beneficiary of that demand, backed by a $200 million National Reconstruction Fund investment and 20 consecutive half years of operating income growth.

Canaccord Genuity upgraded MAQ shares following the NRF investment, predicting significant upside from current levels.

The risks

History offers a clear warning about mega-cap IPOs.

According to Professor Jay Ritter’s updated long-run IPO statistics, the average newly listed company underperforms its peers by approximately 8% per year over the five years following its debut.

If Anthropic or OpenAI disappoint in their early trading sessions, the repricing could weigh on AI infrastructure stocks.

Foolish Takeaway

SpaceX has listed. Anthropic targets December. OpenAI follows in 2027.

For ASX investors seeking exposure to the AI IPO wave without buying US-listed stocks, RCKT, NXT, and MAQ each offers a distinct way to participate.

The post After SpaceX, the Anthropic and OpenAI IPOs are next. Here is what ASX AI investors need to know appeared first on The Motley Fool Australia.

More reading

• SpaceX shares are rocketing – how can Aussie investors get exposure?
• Where to invest $20,000 in ASX 200 shares in June
• 6 ASX 200 shares with fresh buy ratings this week
• Which top ASX tech shares would I buy for FY27?
• SpaceX IPO: Should you buy an ASX space ETF to cash in?

Motley Fool contributor Mark Verhoeven has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended AST SpaceMobile and Rocket Lab. The Motley Fool Australia has recommended Rocket Lab. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.