Startup Valuations Out Perform Historic IPO Market Caps: Open AI and SpaceX Leading In Tech
- Miguel Virgen, PhD Student in Business
- Aug 30, 2025
- 5 min read
The financial world has long looked to initial public offerings, or IPOs, as the defining moment when a startup demonstrates its true value to investors. For decades, crossing into the tens of billions in market capitalization at debut was considered groundbreaking, and only a select few companies ever managed to surpass the $100 billion mark upon their first day of trading. Today, however, private companies like OpenAI and SpaceX are smashing through those ceilings without even stepping onto public exchanges. Startup valuations have blasted beyond historic IPO market caps, redefining what it means to scale in the age of venture capital abundance, private fundraising, and global investor demand.
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