What changed
2026 IPO COMEBACK HINGES ON SPACEX PROVING AI RISK APPETITE
Author notes if a $75B SpaceX IPO absorbs well, OpenAI and Anthropic could become easier to underwrite. This year's winners (Cerebras, Fervo) sell into hyperscaler CapEx — SpaceX, OpenAI, Anthropic spend on AI instead.
Why it matters
Author notes if a $75B SpaceX IPO absorbs well, OpenAI and Anthropic could become easier to underwrite. This year's winners (Cerebras, Fervo) sell into hyperscaler CapEx — SpaceX, OpenAI, Anthropic spend on AI instead.