Meanwhile, Anthropic filed confidentially on June 1 at a $965 billion valuation, and OpenAI followed on June 8, eyeing a fall listing. After four years of a venture liquidity drought, the read across the industry is simple: the IPO window is finally open again. Bloomberg reported last week that with brokerage cash balances low, retail investors may have to sell existing holdings to fund their SpaceX orders, with Tesla and Bitcoin the most likely sources, and SpaceX is reserving as much as 30% of the deal, roughly $22.5 billion, for that same risk-on crowd. Crypto's own IPO pipeline stalled this year as capital rotated toward AI. These three companies could very well be the entire 2026 IPO class. Put together, this points to a concentration event rather than a broad reopening. A small number of funds and pre-IPO sellers get liquidity, three tickers absorb the available capital and attention, and the rest of the queue waits. If you run an early-stage company, the window reopening for...
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