Some extraordinary numbers, how AI is pulling trillion-dollar price discovery into the private market, before companies even reach an IPO.

SpaceX, Anthropic, and OpenAI are now valued at about $5.2T combined, vs. $4.1T for 3,365 US tech companies at the time of their IPOs since 1980.

This still does not look like the dot-com bubble numbers. In 1999, the median US tech IPO traded at 43x sales after its 1st day, in 2000, it was 49.5x.

Today, OpenAI at $1.2T valuation against $40B of annualized revenue is around 30x. Anthropic at $2T against a run rate of $65B+ is roughly 31x or less.