We retail investors love a good show ā and right now, nothing is more explosive than the upcoming market clash between Sam Altmanās OpenAI and Elon Muskās SpaceX.
One promises to sell artificial intelligence to every business with a laptop.
The other wants to beam internet from space while building a bus to Mars.
But if youāre choosing who will truly dominate the stock market, the frontrunner is clear: OpenAI. At least, thatās the view of the author ā and many analysts agree. Sam Altman, despite his flaws, has cleaner books, clearer revenue models, and a far more professional machine behind him.
Elon, meanwhile ā charming as he may be ā is still burning through mountains of cash to fund rockets, satellites, and Star Warsāstyle dreams.
And unlike Musk, Sam doesnāt miss deadlines quite so often.
We are on the verge of witnessing three of the biggest tech IPOs in history as OpenAI, SpaceX, and Anthropic race to pull in as much capital as possible from a market still intoxicated by the AI boom. Sure, many people still like Elon⦠but the fatigue is real.
People want results. They want a plan. They want a CEO who isnāt firing off thousands of controversial tweets in his mid-50s, calling for the dissolution of the EU or ā astonishingly ā advocating war crimes.
Elonās rocket math no longer works for retail investors
Musk keeps distracting the audience with shiny objects and online drama, but Tesla shares are down year-over-year, the financials are underwhelming, and investors are beginning to treat him like a friend who never pays you back.
This is the same Musk who attended a dinner with President Trump to celebrate the illegal capture of Venezuelaās President Maduro ā and then publicly called him an alleged pedophile in a now-infamous deleted tweet. His political extremism helped push Tesla off its throne as the worldās largest EV maker in 2025, and sales have fallen sharply across global markets.
Trump even claimed Musk is āaddicted to fentanyl and almost never sober.ā
Meanwhile, OpenAI is quiet on the outside but ruthless on the inside. Altman is winning lawsuits, staying focused, and chasing enterprise contracts. The legal fight between him and Musk over OpenAIās origins continues in San Francisco ā and Sam showed up heavily armed. His legal firepower? Morrison & Foerster and Wachtell Lipton.
Muskās legal bench? Small boutique firms ā plus one guy who moonlights as a clown, Jaymie Parkkinen. āNone of my comedy friends believe Iām a lawyer,ā Parkkinen admitted. Thatās not a metaphor. It is written in court transcripts.
OpenAI is already making money ā real money
This is where the gap becomes obvious.
ChatGPT is not just a cool product ā itās a full-fledged enterprise engine. Microsoft invested billions. Companies pay subscriptions. Every API call means revenue. Yes, compute costs are high, but demand is higher.
Once OpenAI hits the stock market, it will roar.
Even Jim Cramer weighed in:
āThe biggest winner from limiting power-gating could be META,ā he said, ābecause it can cut costs ā and OpenAI wonāt be able to build its expensive infrastructure: not enough workers, not enough equipment.ā
Maybe. But once OpenAI opens the floodgates of public capital, everything changes ā fast.
Retail investors prefer banks over chaos
OpenAI reached a valuation of $500 billion in October and now aims to double it through a $1 trillion IPO. Wall Street loves anything that produces predictable cash flow ā especially one that doesnāt need government subsidies, NASA babysitting, or a launch pad.
SpaceX, meanwhile, sold shares last December at an $800 billion valuation, and Musk insists he will list the company in Q4 2026. But every Musk timeline feels the same: loud, self-confident ā and utterly unreliable.
Starship is still delayed.
Starlink has become a strange hybrid of telecom service and satellite monopoly.
Yes, it might one day produce consistent revenue ā but right now itās burning cash in orbit with no clear business model.
IPO analysts are calling this a market-shifting moment
Samuel Kerr of Mergermarket says this wave of IPOs could reshape how tech companies raise capital. For years, firms stayed private to shield intellectual property from reporting requirements. Now, the AI arms race demands money ā billions of dollars. Staying private simply doesnāt work when you need 100,000 GPUs.
Thatās why these IPOs are happening.
JPMorganās Matthieu Wiltz confirms a āstrong demand environment,ā with deal value up 47% despite global tariffs and wars. āThere is excess liquidity,ā he told Bloomberg. āWe even decline deals when we think there are no covenants.ā
But when structure exists ā JPMorgan is ready.
And OpenAI has structure.
SpaceX valuations? Mostly hype
Kerr floated the idea of SpaceX hitting a $1.5 trillion valuation. But itās just speculation. Retail investors have been burned before. They remember promises. They remember earnings calls. And yes ā they remember the crashes.
Generation Z investors prefer Sam over Elon. Nobody makes TikToks about Starship engines.
But everyone uses ChatGPT.
Final verdict: The winner seems obvious
While Musk is juggling politics, scandals, legal chaos, and multi-billion-dollar hardware challenges, Sam Altman is staying laser-focused:
predictable revenue,massive global user base,enterprise adoption,deep-pocketed partners,and a product already embedded into daily life.
OpenAI looks like the next great stock-market titan.
SpaceX looks⦠visionary, expensive, and chronically late.
And investors ā especially younger ones ā are casting their votes with their wallets.
The real battle of Silicon Valley has begun. And Sam Altman is currently leading.
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