Could OpenAI Be the Next SpaceX After Its IPO?
The OpenAI pre-IPO perpetual futures trading market is amassing interest, with Coinbase announcing it will join Binance in opening trading for the stock. This has fueled speculation about whether the ChatGPT maker could be the next SpaceX after its IPO. The two exchange giants offered SpaceX pre-IPO perps that saw $3.2 billion in perpetual futures volumes in the months leading to its June 12 IPO. Retail interest in SpaceX pre-IPO perps drove demand, moving the stock from $150 to $176 on its first day. SpaceX closed trading on June 18 at $170, 13% higher from its IPO price.
Upcoming IPO Details: OpenAI filed a confidential S-1 registration statement with the SEC on June 8, 2026, seeking approval for an IPO but did not reveal a specific date. OpenAI hinted it was not in a rush to go public, reducing the odds of an IPO before December 31, 2026, to 51% on Polymarket. OpenAI currently has a valuation of $830 billion, potentially increasing to $1 trillion by the IPO.
Similarities Between OpenAI and SpaceX: Both were co-founded by Elon Musk (who resigned from OpenAI’s board in 2018) and Sam Altman. Musk recently lost a lawsuit accusing OpenAI of breach of contract for transitioning from non-profit to profit. SpaceX’s IPO filing revealed a net loss of $4.94 billion in 2025, mirroring OpenAI’s reported $5.09 billion net loss in 2024 with $3.7 billion revenue. OpenAI’s 2025 revenue reached $13 billion with total costs of $12.48 billion. Both companies are heavily invested in AI, with CFRA analyst Keith Snyder stating that xAI justifies SpaceX’s valuation of over $2 trillion. Goldman Sachs predicted xAI revenue could reach $322 billion by 2030, suggesting Wall Street prices SpaceX as an AI company. OpenAI is known for ChatGPT, and leaked financials show the largest share of its $13 billion 2025 revenue comes from its AI business.
Demand for OpenAI Pre-IPO Stock: The OpenAI pre-IPO stock is attracting similar demand levels as SpaceX. Data from Binance shows the OpenAI/USDT perpetual trading pair has $200 million in trading volumes since listing on May 20, 2026. The OPENAI/USDT perp contract price is $1,366, a 14% jump from the June 10 low of $1,171, though trading below the May 26 launch price of $1,630. Coinbase launched the OpenAI Perp contract on June 22, potentially adding to demand.
Pre-IPO Stock Technical Analysis: The OpenAI/USDT perp contract has support at the 20-day EMA level of $1,378 on the four-hour chart. It briefly dropped below this on June 22 and might fall to $1,340 if support does not hold. If buy-side volumes resume, especially with Coinbase’s launch, OPENAI/USDT might rise to test psychological resistance at $1,400. The RSI reading of 46 indicates current momentum favors bears, making a retest of $1,340 likely.
Conclusion: OpenAI has potential to become the next SpaceX after its IPO, given current demand for its perpetual contract and retail hype around AI. The SpaceX IPO was also driven by its AI footprint, and OpenAI’s business model is entirely rooted in AI. Ongoing retail hype around AI could continue growing, presenting a good opportunity for retail investors.
Source: https://coingape.com/markets/could-openai-be-the-next-spacex-after-its-ipo/