Commentary: As SpaceX, OpenAI and Anthropic plan blockbuster IPOs, will it make them more accountable?

The booming artificial intelligence sector is on the cusp of a massive transformation as three of its leading private companies, SpaceX, OpenAI, and Anthropic, prepare for initial public offerings (IPOs). This move will allow them to sell shares to the public for the first time, potentially reshaping the industry's landscape.

SpaceX is set to be the first, launching its IPO on Friday, June 12, aiming to raise $75 billion by selling 4% of its shares. This offering could propel Elon Musk, already the world's richest man, toward becoming the first trillionaire. Collectively, these three companies boast a valuation of nearly $4 trillion and anticipate raising a record $200 billion, despite concerns about the current overvaluation of AI stocks.

Beyond the immense financial implications, these stock exchange listings hold the potential to introduce much-needed transparency into the inner workings of these AI giants. As AI's role in society grows, with concerns voiced by figures from the Pope to the general public, public scrutiny could become a significant factor.

Once public, these companies, including SpaceX's AI arm xAI, Anthropic, and OpenAI, will face the rigorous oversight of public markets. This increased scrutiny could compel them to disclose more about AI risks than they have as private entities. Under U.S. securities laws, companies that fail to disclose material risks that later materialize can be sued for securities fraud, a powerful tool for investor protection.