Three leading figures in the tech industry, Elon Musk, Sam Altman, and Dario Amodei, are currently preparing for the initial public offerings (IPOs) of their respective companies. SpaceX, OpenAI, and Anthropic, three super giants with valuations or market caps approaching one trillion dollars, are expected to drive 2026 to become the largest year in U.S. new share issuance history.

This unprecedented fundraising wave has not only attracted the attention of global capital but is also seen as a test of the public investors' ability to absorb the pressure. The simultaneous launch of public fundraising by the three giants is expected to easily break the 156 billion U.S. dollars record set in 2021.

The Capital Dance of Super Unicorns

Currently, each company's listing process has made substantial progress. SpaceX has officially submitted its S-1 filing for the IPO, planning to raise about 75 billion U.S. dollars, with a target valuation of 1.75 trillion U.S. dollars; following closely behind, OpenAI is accelerating its IPO timeline, with a recent valuation of 852 billion U.S. dollars; while Anthropic, having reported its first quarterly profit, is about to complete a funding round with a post-money valuation of 900 billion U.S. dollars.

Facing such a massive fundraising volume, Wall Street investors and bankers are closely weighing the timing of the offering to prevent market funds from being overwhelmed. Although there is a huge amount of idle capital in the global money market, the dense and large-scale capital withdrawal still makes some analysts worry about the ability of the secondary market to absorb it.

Grand Visions vs. Hard Financials

Different from the fervor of the private market that pursues grand narratives, public investors tend to have lower tolerance for companies that burn a lot of money without fulfilling their profitability promises. Currently, these three companies are still in a significant loss state, for example, OpenAI has admitted to investors that before achieving profitability in 2030, the company is expected to consume approximately 600 billion U.S. dollars in total.

Although SpaceX has a vast reusable rocket and Starlink network, its high price-to-sales ratio has far exceeded that of existing tech giants like NVIDIA. If the performance of the new shares on the first day of listing does not meet expectations, it will not only directly impact the market's optimistic sentiment towards the AI sector, but could even shake the confidence in the U.S. bull market driven by the AI boom.