SpaceX, Anthropic and OpenAI IPOs Could Drain $4 Trillion, Threatening Tech Rally
Updated
Updated · Financial Times · May 24
SpaceX, Anthropic and OpenAI IPOs Could Drain $4 Trillion, Threatening Tech Rally
6 articles · Updated · Financial Times · May 24
$4 trillion in potential listings from SpaceX, Anthropic and OpenAI could absorb roughly 6% of the U.S. public equity market, a scale analysts say may sap momentum from the AI-led stock rally.
BCA Research data show the S&P 500 often underperforms after major IPO waves, as fresh share supply pulls capital toward new deals and away from the broader market.
That supply pressure could widen if Stripe, Databricks and even cash-hungry Big Tech groups add stock issuance while buybacks slow and debt-funded spending rises.
The warning marks a possible reversal of two decades of "de-equitisation," when delistings, mergers and buybacks shrank public stock supply and helped support valuations.
Analysts caution IPO booms can also simply reflect overheated markets and insider selling, with the post-listing six-month lock-up period likely a key test of whether demand holds.
With a $4 trillion IPO wave looming, is the AI boom about to consume itself?
AI leaders are profitable, unlike dot-com firms. So why are analysts still warning of a market bubble?
The 2026 Mega-IPO Wave: OpenAI, SpaceX, and Anthropic’s Trillion-Dollar Listings Disrupt Wall Street and Silicon Valley
Overview
The financial world is witnessing an unprecedented surge of mega-IPOs, with OpenAI and SpaceX leading a historic race that is set to reshape the technology sector. Both companies are expected to reach multi-trillion-dollar valuations and are preparing to go public within the same week, a first for the market. This moment is described as the most consequential IPO race in stock market history, with investment banking giants Goldman Sachs and Morgan Stanley managing both offerings. The scale and timing of these IPOs are creating a concentration of fees and attention never seen before, signaling a major shift in equity capital markets.