OpenAI’s implied valuation just hit $1 trillion. Three years ago it was worth $28B. Pre-IPO instruments trading onchain are now pricing the company above a trillion dollars, up 163% since last October. It hasn’t filed to go public. Anthropic is nearing an $800B valuation. SpaceX is targeting $1.75 trillion. Three private companies are approaching or clearing $1T simultaneously. That’s never happened. The biggest companies of the AI era may have already done most of their appreciation before a single share trades publicly.