NEW YORK CITY, New York: A new wave of blockbuster stock market listings led by SpaceX, OpenAI, and Anthropic is set to test investor appetite like never before, with the trio expected to collectively add up to US$3 trillion in market value, despite all three companies currently operating without profits.

The potential listings could mark the largest initial public offering (IPO) cycle in history, according to estimates from LPL Financial, and represent a major moment for high-growth technology stocks.

"Once we move past that excitement stage where everybody wants to own it, it's going to be really critical for these companies to show exactly what their profits are," said Anthony Saglimbene, chief market strategist at Ameriprise.

What sets this IPO wave apart is the gap between sky-high valuations and sustained earnings. In private markets, the companies are already valued alongside established tech firms like Meta and Palantir, but without comparable profitability.

SpaceX alone is targeting a valuation of about $1.75 trillion, potentially making it the largest IPO ever. OpenAI is reportedly aiming for a $1 trillion valuation, while Anthropic was valued at $380 billion in a recent funding round.

Financial disclosures suggest the risks involved. SpaceX posted nearly $5 billion in losses last year on revenue exceeding $18 billion. OpenAI and Anthropic are also unprofitable, according to media reports, as they invest heavily in artificial intelligence development.

Investors, however, are being drawn by strong growth narratives. SpaceX's Starlink satellite internet business is seen as a key long-term driver, even as the company spends heavily on rockets and AI ventures. OpenAI and Anthropic, meanwhile, are central players in the global AI boom, with products like ChatGPT and Claude gaining widespread adoption.

The IPO momentum comes amid a market already dominated by a handful of tech giants. The so-called "Magnificent Seven"—Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla—now account for roughly a third of the S&P 500's weight.

That dominance has been driven by strong earnings growth, a contrast to the companies preparing to go public.

Analysts say profitability will be key not only to investor confidence but also to inclusion in major stock indices. The S&P 500 requires companies to post four consecutive quarters of profit and at least a year of public trading before being considered for inclusion.

This means firms like SpaceX, OpenAI, and Anthropic could face years without the automatic buying support that comes with index inclusion, even after going public.

While some exchanges are exploring faster inclusion for large-cap companies, the profitability requirement remains a significant hurdle.

There are also concerns about further market concentration if these firms eventually join major indices.

"History shows that not every early leader in a new technology ends up being a long-term winner, which is why diversified exposure remains important," said Rodney Comegys, chief investment officer at Vanguard Capital Management.