OpenAI, Anthropic and SpaceX Combined Valuation Tops $5.2 Trillion, Eclipsing Decades of Tech IPOs

Wall Street is repricing Meta Platforms as a potential new revenue engine after its Muse AI agent drew 2.8 million downloads in its first 12 days and outpaced ChatGPT's early curve on a comparable-launch basis, according to Apptopia data. Meta shares rose 1.37% intraday, extending a run that has added more than $200 billion in market value since Muse launched September 8. Muse, which can send emails, book travel, and complete transactions on a user's behalf, is free at the basic tier with subscriptions at $20 and $100 a month. Jefferies estimated that if Muse reaches 1 billion users by the end of 2027 and at least 3% convert to paid tiers, it could generate $10.8 billion in annualized revenue, and raised its price target to $875. JPMorgan called Muse potentially the most widely used consumer AI app since ChatGPT, crediting Meta's distribution reach and a free tier that lowers the trial barrier.

NVIDIA expects roughly a quarter of its fiscal 2028 business to come from AI labs it will back with its own balance sheet, a concentration management acknowledged some will call circular financing. NVIDIA has already invested nearly $50 billion in frontier AI labs, and for one more lab it will provide credit support for nearly 2 gigawatts of computing capacity, while guaranteeing minimum revenue on part of some cloud partners' facility capacity. Business Insider reported that NVIDIA's overall equity portfolio has reached $99 billion, up from roughly $7 billion in summer 2025, a 14-fold increase. Days of sales outstanding rose to 60 days, which management attributed to extended payment terms for large purchases by certain investment-grade customers shipped over multiple quarters. OpenAI's existing and planned commitments represent about 12 gigawatts of NVIDIA computing, with deployments committed through 2030, and NVIDIA's next update comes at its fiscal Q3 2027 earnings call on November 17.