Wall Street Questions Capacity for $4 Trillion AI IPO Wave as SpaceX Debut Nears

3 articles · Updated · Fortune · Jun 7

$4 trillion in potential market value from upcoming IPOs by SpaceX, Anthropic and OpenAI is testing whether US markets can absorb a rapid surge of AI-linked equity supply.
SpaceX's deal is already oversubscribed, but the broader supply picture is larger: Alphabet plans an $85 billion stock sale, Meta is weighing tens of billions, and other tech groups may also raise cash for AI data centers.
4% is the initial float SpaceX expects to sell, a structure that may ease the first listings, though Goldman estimates those floats typically expand to about 46% within a year, implying roughly $1 trillion of added equity supply by 2027.
Index-rule changes at Nasdaq and FTSE Russell could accelerate demand from passive funds, but later rebalancing and lockup expirations may force selling elsewhere and pressure existing AI proxy trades such as chipmakers and Tesla.
90 times last year's sales is SpaceX's targeted valuation multiple despite a $6.4 billion operating loss, underscoring Wall Street's view that demand exists now even as expectations leave little room for disappointment.

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The $4 Trillion AI IPO Wave: How SpaceX’s $1.75 Trillion Debut Is Reshaping Wall Street and Tech Valuations

Overview

SpaceX made history with its initial public offering, reaching a $1.75 trillion valuation and raising $75 billion. This IPO is the first in a wave of AI-focused public listings and marks a major shift in SpaceX’s business model toward artificial intelligence infrastructure. The company’s financial strength is driven by Starlink, which generated $11.4 billion in revenue in 2025, accounting for 61% of total revenue and showing 50% year-over-year growth. SpaceX’s move highlights how AI integration and strong connectivity services are reshaping the market and setting the stage for future technology-driven IPOs.

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