Musk and Altman’s AI rivalry reaches boiling point as IPO race heats up
Summary
Elon Musk and Sam Altman are competing in the artificial intelligence (AI) business as they prepare to take their companies public. Musk’s company SpaceX plans an initial public offering (IPO) valued at $1.75 trillion, while OpenAI, co-founded by Altman, is moving toward an IPO valued near $1 trillion after winning a court case against Musk.Key Facts
- Elon Musk lost a lawsuit against Sam Altman and OpenAI regarding their founding agreement.
- A federal jury rejected Musk’s claims that OpenAI unjustly enriched itself at his expense.
- OpenAI was founded in 2015 by Altman, Musk, and others as an AI research company.
- SpaceX plans to go public on the Nasdaq with a valuation of about $1.75 trillion under the ticker SPCX, aiming to raise up to $80 billion.
- SpaceX reported revenues of $18.7 billion for 2025 but lost $4.2 billion in the first quarter of 2026.
- SpaceX is investing heavily in its AI subsidiary, called xAI.
- OpenAI and other AI companies like Anthropic are seen as major competitors to SpaceX’s AI business.
- Both OpenAI and SpaceX are expected to have IPOs in 2026, marking a significant moment for the AI industry.
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