The rivalry between Elon Musk and Sam Altman over artificial intelligence has reached a new peak, as both men's companies race towards initial public offerings (IPOs) that could reshape the tech landscape. Last week, a federal jury in Oakland, California, cleared Altman, OpenAI, and its president Greg Brockman of claims by Musk that they had unjustly enriched themselves and breached a founding contract. The verdict, delivered in under two hours, was a sharp rebuke to Musk and his lawyer's accusations that Altman had 'stolen a charity' through his leadership of OpenAI.
The legal victory clears the way for OpenAI to pursue an IPO later this year at a valuation of around $1tn. However, SpaceX, Musk's rocket and satellite company, is set to list first. On Wednesday, Musk revealed plans for a $1.75tn IPO on the Nasdaq exchange under the symbol SPCX, likely on 12 June, seeking up to $80bn in investment. The disclosure showed SpaceX is pouring billions into its AI subsidiary, xAI, and had capital expenditure of over $20bn last year against $18.7bn in revenue for 2025, with a loss of over $4.2bn in the first quarter of 2026.
SpaceX's investor prospectus lists OpenAI and other major AI firms like Anthropic as key competitors. Then on Thursday, the Wall Street Journal reported that OpenAI was hurtling towards its own IPO, possibly as soon as Friday, though no filing occurred. The moves are seen as each man trying to outdo the other—win the court battle, hit the stock market first, and be the king of AI. Anthropic is rumoured to be next, with all three AI businesses set to go public this year at valuations of hundreds of billions or more than a trillion dollars, marking one of the most blockbuster periods for IPOs in market history.
The concentration of control over AI in such a small group raises questions for the rest of the world. Even in Silicon Valley, people are asking what can be done while this tiny cadre of men obsesses over each other. Conversations with those working in AI focus on its potential, but those outside the bubble worry about job security. The question is on everybody's mind except Altman and Musk's—they are only thinking about each other.
