My guide to the IPOs of SpaceX, OpenAI and Anthropic — including the one I really want to buy

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My guide to the IPOs of Space X, Open AI and Anthropic — including the one I really want to buy Published Sun, May 31 20261:56 PM EDTJim Cramer@jimcramer. A couple of years ago, I hit it big at the ponies in an obscure northern track. I met one of the executives there. We took some swell pictures and we now exchange holiday greetings. Out of character, I received a text from him this week. He wants to buy some SpaceX no matter what. Not that long after, a guard near the New York Stock Exchange stopped me. He said he wanted to know how much SpaceX he should buy. Then my colleague in the gardening business was puzzled over the notion of what might be worth sacrificing to make room. Microsoft ? Salesforce ? Logical choices, save for the big Friday manipulation in those stocks that was so enjoyable for those of us with these positions. Let's step back for a second, though. There's not one, but three expected deals that will define 2026 and maybe even 2027. Although, after the rapid-fire fundraise by Anthropic — a near triple from February, not easy when your prior valuation was already north of $300 billion — things seem pretty shot-gunned. Elon Musk's SpaceX is in pole position and is supposed to debut within two weeks. ChatGPT creator OpenAI may be next simply because it needs the money. It smells like more than a trillion-dollar valuation, given it can't afford to have a down round and secured a $852 billion post-money valuation in March. That could be a tall order given its heavy losses and erratic leadership. Anthropic is buttoned up and profitable. If it's the third to go public, it might be worth waiting, if only because A) it can afford to wait and B) the money from the track exec, Wall Street guard and the handyman gardener may be spent and there's no more to come. To be sure, only SpaceX has officially released its initial public offering prospectus known as an S-1. CNBC has reported OpenAI is working on a confidential filing , while others suggest Anthropic could come public as soon as the fourth quarter. With those caveats established, let's dig into these to see if we can make sense of what will happen here. I want to go high level, using the best info that I can muster from my time doing syndicate work on IPOs — on both the sell-side and buy-side of things — and my knowledge of the current state of play from the executives nominally in charge of the process. First, no matter what you hear, see or learn, it is most likely wrong because no one — no matter how high up — has any idea how things will go. One of the reasons is too many cooks in the kitchen. Take SpaceX. Musk has an iron hand, and he wants there to be plenty of retail participation and he wants a valuation of at least $1.8 trillion — at least for now. This is absurd. How are we defining retail? Are close associates of early investor Ron Baron's funds considered retail? How about the loyalist Cathie Wood? How much are they getting? We all thought Musk would choose Morgan Stanley as the lead bank for the IPO, given the firm stuck its neck out for the Twitter-now-X buyout. Maybe it all worked out, and they said let's "call it even." Turns out, Goldman Sachs is the lead bank on the deal, which is good for us at the Club because the fees should be huge. But Goldman's syndicate desk knows little about retail. Then again, maybe Fidelity counts as retail? Perhaps a big slug is promised to Robinhood for its users? Seems like the stock jumped inordinately Friday, but there is nothing that's really "inordinate" in the wild west that the market has become. I have a good word to frame the deal: chaos. With chaos comes one thing: losses. So let's play out what will happen. It's a three-step process. First, the pricing, ostensibly where the $1.8 trillion valuation comes from. Second, the opening and first day of trading, where the total guesswork comes from. Third, the likely early inclusion into major U.S. stock indexes such as the Nasdaq 100 , thanks to rule changes by those in charge of them. This is the really fraught portion because it has never happened and nobody knows what will happen — something you could see late in Friday's session when rebalancing caused Club name Nvidia's stock to fall apart in the final 10 minutes of trading. Let's put our "1999 hats" on because that's the last time we had the level of ignorance we've got now. I have been saying we have to leave room in our imaginations for SpaceX to quickly become worth as much as $4 trillion when taking into account all of the market orders put in by those who got no stock on the deal. A market order tells your broker to immediately buy or sell at the best available price. In the SpaceX frenzy, they will have no idea what price they will be buying at. They will just be buying. We have a template