SpaceX, Anthropic, and OpenAI outweigh 25 years of tech exits

according to the ncva-pitchbook venture monitor report, the combined public offerings from spacex, anthropic, and openai are set to generate more value than the sum of all us vc-backed exits over the last 25 years. while spacex went public at a $1.77 trillion valuation, the inclusion of anthropic and openai—both pushing into trillion-dollar valuations—brings the estimated total to over $4 trillion. this figure dwarfs major historical exits like google, tesla, and uber, and exceeds total us ipo proceeds from last year by a massive margin. the shift is driven by companies staying private longer and the immense capital requirements of ai model training. this trend signals a fundamental shift in market dynamics, where ai infrastructure is pushing valuations and financial infrastructure to unprecedented limits.