SpaceX commands a 98.7% market-implied probability as the largest private company by end-June valuation, reflecting its entrenched lead from a December 2025 tender near $800 billion—well above OpenAI’s latest private round at roughly $850 billion and lower marks for Anthropic or Databricks. Sustained revenue expansion in Starlink and launch services, combined with the xAI acquisition, has widened this gap ahead of SpaceX’s planned IPO pricing above $1.75 trillion. With resolution only days away, the slim window leaves little scope for rival capital raises to close the differential, though an outsized, completed funding round by another AI firm before month-end could theoretically alter the hierarchy. Trader consensus, backed by real capital, prices in this durable positioning amid limited near-term catalysts.