SpaceX, OpenAI, Anthropic IPOs could unlock fresh funding for Indian startups

The recent IPO of SpaceX, valued at $75 billion, and the upcoming public listings of OpenAI and Anthropic could pave the way for increased venture capital flow into Indian startups, according to data from private market intelligence platform Tracxn.

Tracxn's analysis, shared with The Indian Express, shows that the 54 private equity (PE) and venture capital (VC) firms that have invested in SpaceX, OpenAI, and Anthropic have deployed $57.8 billion across 1,376 rounds in Indian technology companies between 2016 and June 2026. Of these, only $160 million went into Indian space-tech firms, with 12 of the 54 firms participating in four rounds.

The SpaceX IPO, which was the world's largest listing, generated significant returns for early investors. For instance, Peter Thiel's Founders Fund saw its $600 million investment in SpaceX grow to over $50 billion at the IPO price of $135 per share, according to a Bloomberg report. Similarly, Andreessen Horowitz recorded its largest-ever return from its SpaceX investment.

SpaceX's IPO valued the company at $1.8 trillion. Meanwhile, OpenAI has confidentially filed for an IPO aiming for a $1 trillion valuation, and Anthropic raised $65 billion at a $965 billion valuation in May.

Neha Singh, co-founder of Tracxn, noted that successful exits historically strengthen the ability of VC and PE firms to raise larger successor funds. "Given that India already features in the active portfolios of these 54 firms, a recovery in investment activity is plausible as fresh capital is raised and redeployed," she said.

However, Singh cautioned that it is difficult to estimate how much capital may flow to India, as IPO proceeds are primarily distributed to limited partners rather than directly increasing general partners' deployment capacity.

Early signs of capital recycling are emerging. For example, Chicago-based Valor Equity Partners, whose 4% stake in SpaceX was worth around $70 billion at the IPO price, is reportedly looking to raise $2.5 billion by the end of 2026. However, Singh noted that Valor's focus on deep tech, defence, and late-stage AI infrastructure in the US makes it unclear whether any of that money will reach India.

"Any meaningful increase in India allocations is more likely to emerge over the medium term as successor funds are raised and deployed, rather than as an immediate post-IPO outcome," she added.

Data from PitchBook shows liquidity conditions in Asia-Pacific are improving, suggesting the region's capital recycling cycle is beginning to repair after years of constrained realisations. Earlier this year, Peak XV raised $1.3 billion for its new India Seed, India Venture, and APAC funds.

Investment patterns differ between US and Indian firms. In India, 71% of investments by these 54 firms have been at the seed or early stage, whereas 93% of their investments in SpaceX, Anthropic, and OpenAI were at the late stage. Singh described this as a "deliberate strategy of concentrating capital behind a small number of category-defining companies rather than following their typical investment pattern."

Increased overseas funding would be welcomed by Indian startups and policymakers alike, as the Indian economy continues to seek growth capital.