Wall Street Debates $160 Billion Share Wave as SpaceX, OpenAI and Anthropic Test Bull Market
Updated
Updated · Fortune · Jun 13
Wall Street Debates $160 Billion Share Wave as SpaceX, OpenAI and Anthropic Test Bull Market
3 articles · Updated · Fortune · Jun 13
Summary
$75 billion from SpaceX’s IPO and $85 billion from Alphabet’s recent secondary sale have intensified debate over whether a new-share surge is nearing a market peak.
Capital Economics said U.S. gross equity issuance spikes in 1999, 2007 and 2021 all preceded bear markets, and argued 2026 issuance could resemble those years with OpenAI and Anthropic still to come.
Deutsche Bank reached the opposite conclusion, saying issuance usually follows strong demand rather than causes declines; past issuance waves delivered median returns of about 8% over three months and more than 20% over 12 months.
U.S. stock issuance has already climbed from a $30 billion quarterly run rate in early 2023 to roughly $120 billion now, with analysts pointing to robust earnings, inflows, buybacks and household balance sheets as support.
Are trillion-dollar AI IPOs building our future or just funding the next dot-com bubble?
Is the current IPO boom a sign of market strength or the final warning before a historic crash?
The $1.75 Trillion SpaceX IPO and the 2026 Mega-IPO Wave: How SpaceX, OpenAI, and Anthropic Are Reshaping Markets and AI Valuations
Overview
SpaceX's public debut on June 12, 2026, marked the start of a new era of mega-IPOs, launching with a massive $1.75 trillion valuation. This high valuation brings huge expectations for growth, especially from Starlink and xAI, and puts pressure on SpaceX to keep innovating. The IPO features a dual-class share system, giving Elon Musk and a small group of insiders significant control, which ensures leadership stability but raises governance concerns. To meet market expectations, SpaceX must show strong performance and innovation, setting a new standard for future high-profile technology IPOs.