经济学人：万亿巨头的豪赌：揭秘SpaceX、OpenAI和Anthropic为何急于上市？

Core Viewpoint - The article discusses the increasing interest of companies like SpaceX, OpenAI, and Anthropic in going public, driven by their growing capital needs and the challenges of remaining private in a competitive landscape [4][28]. Group 1: Companies' Interest in IPOs - SpaceX is reportedly planning an IPO as early as next year, with a potential valuation of $1.5 trillion [3][12]. - Anthropic, valued at approximately $180 billion, is also considering a public listing, possibly to outpace OpenAI, which has a valuation of $500 billion [3][11]. - The potential IPOs of these companies could be the largest since Alibaba's $25 billion listing in 2014 and Saudi Aramco's nearly $30 billion raise in 2019 [3][14]. Group 2: Capital Needs and Market Conditions - The primary motivation for these companies to pursue IPOs is to access more capital for their ambitious projects, such as SpaceX's Starship and OpenAI's planned $1.4 trillion investment in computing power [4][17]. - The private market for venture capital has plateaued, with global private assets under management stabilizing at just over $20 trillion, which may limit future funding options for these companies [5][19]. - Limited partners are now demanding that funds distribute some profits before seeking new investments, indicating a shift in the private funding landscape [5][19]. Group 3: Financial Performance and Challenges - SpaceX is expected to generate cash flow and achieve profitability for the first time in 2023, while OpenAI and Anthropic are facing significant losses, with OpenAI projected to lose around $12 billion this year [7][24]. - The financial performance of these companies is under scrutiny, as they will need to demonstrate profitability to satisfy public market expectations, contrasting with Alibaba's $4 billion profit before its IPO [6][26]. - The competitive landscape is intensifying, with companies like Blue Origin narrowing the technological gap, which may pressure SpaceX and others to go public sooner rather than later [8][28].