SpaceX、Anthropic、OpenAI 合计估值约 5.2 万亿美元，超过 1980 年以来全部美股科技 IPO 之和
三级市场把万亿级估值提前塞进私市：三家私营公司已超过 1980 年以来 3365 家科技 IPO 总和，文章用市销率和互联网泡沫对比给出参照。
SpaceX、Anthropic、OpenAI 三家私营 AI 公司估值合计约 5.2 万亿美元，而 1980 年以来 3365 家在美上市科技公司在 IPO 时点的合计估值为 4.1 万亿美元。市销率方面，OpenAI 以 1.2 万亿美元估值对应 400 亿美元年化收入约 30 倍，Anthropic 以 2 万亿美元估值对应 650 亿美元以上运行收入约 31 倍或更低。对比 1999 年美国科技 IPO 首日中位数市销率 43 倍、2000 年 49.5 倍，目前数字低于互联网泡沫峰值。
Some extraordinary numbers, how AI is pulling trillion-dollar price discovery into the private market, before companies even reach an IPO.
SpaceX, Anthropic, and OpenAI are now valued at about $5.2T combined, vs. $4.1T for 3,365 US tech companies at the time of their IPOs since 1980.
This still does not look like the dot-com bubble numbers. In 1999, the median US tech IPO traded at 43x sales after its 1st day, in 2000, it was 49.5x.
Today, OpenAI at $1.2T valuation against $40B of annualized revenue is around 30x. Anthropic at $2T against a run rate of $65B+ is roughly 31x or less.
