OpenAi enters the record-breaking IPO race: here is the confidential prospectus

SpaceX will be the first to land on Wall Street, on the Nasdaq, with the appointment just around the corner on Friday 12 June. Musk's goal is to rake in a record 75 billion at a valuation of nearly 1.8 trillion. Investor demand appears strong, but so do the risks: Space X burns huge amounts of capital, has shown an opaque financial structure with huge transactions with other parts of the Musk empire, and equally opaque governance, with Musk retaining control of about 85 per cent of the voting rights.

Revenues are primarily guaranteed by the Starlink network of communication satellites, not by the more under-the-radar business of space rockets and Ai. Key are huge federal contracts, which are themselves controversial, with the Pentagon, US intelligence and the national security apparatus, sometimes from what has emerged designed specifically to favour it.

It also remains to be seen how it will perform on Wall Street, and not just on debut: many analysts are predicting a traditional rise in the first trading session. Musk has chosen to target a stock price of $135 instead of a traditional pricing range. In the longer term, however, the game on Spcx's performance is wide open, with last-minute investors, i.e. those who buy at the end of the session and do not have access to the landing prices, possibly getting burned.

The Wall Street Journal pointed out that over a three-year period, even average IPOs underperform a weighted market index by 21%. In short, they enrich the few with certainty, in the case of SpaceX a number of employees, initial partners and top executives of the group (Musk aspires to become the world's first trillionaire).

Anthropic, led by Dario Amodei, has for its part come close to a trillion valuation and is aiming for a placing perhaps in October, after exceeding

to OpenAi in innovation, with its Claude, as well as in presenting a confidential prospectus to the authorities for listing. Amodei has so far tried to present his company as a follower of a different strategy, capable of models that are more cautious when it comes to dangers and more business-oriented. An approach that has generated tensions with the Trump administration, although followed later by thawing efforts.