SPACEX, OPENAI, AND ANTHROPIC IPOS: A $3 TRILLION STRESS TEST

Summary from the TLDR newsletter

SpaceX, OpenAI, and Anthropic are set to IPO at an unprecedented scale. Typical IPOs offer 15% to 25% of their shares to public markets, which creates enough liquidity for price discovery while allowing founders and early investors to maintain control. At standard float percentages, these three companies need to raise $432 billion to $576 billion from public markets in a single quarter. The entire US IPO market raised $469 billion between 2016 and 2025. It is likely these companies will debut with smaller floats.