（有片）經湋論｜SpaceX, OpenAI & Anthropic IPOs in 2026 Why are they rushing for IPO? Is this another Dot Com bubble or not?

香港文匯報訊 過去幾個月，全球金融市場充斥著關於新一波超大型科技IPO的各種猜測。與人工智慧、航太技術、資料基礎設施以及前沿運算相關的公司，突然再次成為華爾街最炙手可熱的目標。

從OpenAI到Anthropic，甚至關於 SpaceX 未來上市的討論再度浮上檯面，投資人正目睹一件非凡的事：私人科技巨頭的估值已達到以往只有主權經濟體或百年工業巨擘才能擁有的水平。

據報導，OpenAI 在二級市場的討論估值已飆升超過 3000 億美元。Anthropic 則積極以越來越高的估值募集資金，背後有 Amazon 和 Google 等大型機構支持。與此同時，SpaceX 在私人資本市場持續稱霸，估值超過 3500 億美元，成為歷史上最有價值的私人公司之一。

但真正的問題是：為什麼這麼多科技獨角獸突然選擇現在準備上市？這是新科技超級週期的開始？還是我們再次進入類似千禧年網路泡沫的危險投機過熱時代？更重要的是——投資人應該參與這些IPO，還是等待熱潮冷卻？在這一集《經湋論》，讓我們一起深入探討這一全球現象背後更深層的政治、金融與經濟力量。

The Great AI IPO Rush: Bubble, Breakthrough, or the Birth of a New Economic Order?

Global Economic Perspectives with Ramand

8 May 2026

Hi Ladies and Gentlemen, welcome to another episode of Global Economic Perspectives with Ramand,I am your host, Ramand Chan.

Over the past few months, global financial markets have been flooded with speculations surrounding a new wave of mega-tech IPOs. Companies associated with artificial intelligence, aerospace technology, data infrastructure, and frontier computing are suddenly becoming the hottest targets on Wall Street once again.

From OpenAI, to Anthropic, and even renewed discussions surrounding a future listing of SpaceX, investors are witnessing something extraordinary: private technology giants reaching valuations previously reserved only for sovereign economies or century-old industrial titans.

OpenAI’s valuation has reportedly surged beyond US$300 billion in secondary market discussions. Anthropic has been aggressively raising capital at increasingly higher valuations backed by major institutions such as Amazon and Google. Meanwhile, SpaceX continues to dominate the private capital market with an valuation exceeding US$350 billion, making it one of the most valuable private companies in history.

But the real question is this:

Why are so many technology unicorns suddenly preparing to go public NOW?

Is this the beginning of a new technological supercycle? Or are we once again entering another dangerous era of speculative excess similar to the Dot-com Bubble of the millennium?

And more importantly — should investors participate in these IPOs, or wait for the excitement to cool down?

In this episode, let us explore the deeper political, financial, and economic forces behind this global phenomenon.

Why Are These Technology Unicorns Rushing Toward IPOs This Year?

To understand this IPO wave, we must first understand the macroeconomic situations behind it.

For almost three years after the aggressive global interest rate hikes initiated by the Federal Reserve System and other major central banks, global venture capital markets entered what many investors described as a funding winter.

Private capital became expensive, over-valued. Institutional investors became cautious. Technology valuations collapsed.

Many startup companies that were once celebrated as future disruptors, suddenly faced survival pressure.

However, 2025 and 2026 changed the narrative dramatically.

The rise of generative AI has completely transformed investor sentiment.

Artificial intelligence is no longer viewed merely as another software trend. It is increasingly being perceived as a foundational economic infrastructure comparable to electricity, the internet, or cloud computing.

This changes everything.

For the first time since the smartphone revolution, global capital markets believe they are witnessing the birth of an entirely new economic platform capable of reshaping productivity, labor markets, military systems, finance, healthcare, entertainment, and even geopolitics.

That belief alone has triggered an unprecedented flow of capital into AI-related firms.

But there is another important factor behind the IPO rush: liquidity pressure.

Many early-stage investors, venture capital firms, sovereign wealth funds, and private equity institutions have held positions in these unicorns for years without a viable exit opportunity.

Remember, during the low-interest-rate era between 2019 and 2021, enormous amounts of capital flooded into private markets. Investors accepted extremely high valuations under the assumption that IPO windows would remain permanently open.

Then inflation arrived. Interest rates surged. IPO markets frozen.

As a result, trillions of dollars became trapped inside illiquid private investments.

Now that the market sentiment toward AI has recovered, original shareholders are finally seeing an opportunity to unlock liquidity at premium valuations.

In other words, this IPO wave is not only about optimism.

It is also about timing.

Many funds are under pressure to realize returns before the next economic slowdown emerges.

Another key reason is geopolitical competition.

The United States and China are increasingly engaged in a technological cold war centred around semiconductors, artificial intelligence, aerospace systems, and quantum computing.

Technology companies today are no longer just commercial enterprises.

They are strategic national assets.

A company like SpaceX, for example, is deeply connected to satellite defense systems, military logistics, and national communications infrastructure.

Similarly, OpenAI and Anthropic are becoming critical players in the race for AI dominance.

Going public allows these firms to raise enormous amounts of capital to fund the next stage of infrastructure expansion, particularly AI data centres, advanced chips, energy systems, and global cloud networks.

And this is extremely capital-intensive.

Training next-generation AI models may eventually cost tens of billions of dollars annually.

Only public markets possess that scale of funding capacity.

Therefore, the IPO rush reflects not just investor enthusiasm, but also an escalating global race for technological supremacy.

Is This a Healthy Phenomenon — or a Dangerous Bubble?

Now we arrive at the most controversial question.

Are these valuations justified?

Or are we simply witnessing another speculative mania?

The answer is complicated.

On one hand, there are real technological breakthroughs occurring today.

Unlike many internet start-ups during the Dot-com Bubble, modern AI companies are generating real enterprise demand.

Corporations worldwide are rapidly integrating AI into customer service, software engineering, hardware engineering, cybersecurity, legal analysis, financial modelling, advertising, and healthcare diagnostics.

Productivity gains are becoming measurable.

The commercial applications are real.

This is not pure fantasy.

However, markets are also behaving with extraordinary excitement.

And history teaches us something very important:

When investors begin believing that “this time is different,” risk usually becomes but invisible.

The current AI investment boom contains several characteristics commonly seen during historical bubbles.

First, valuations are expanding much faster than revenues.

Second, investors are pricing companies based on future dominance rather than current profitability.

Third, capital is concentrating into a small number of “story stocks” perceived as untouchable winners.

And fourth, retail investors are increasingly entering markets due to fear of missing out.

We saw similar psychology during the railway boom, the internet bubble, the cryptocurrency mania, and even the electric vehicle surge.

However, this does not necessarily mean AI will fail.

In fact, the underlying technology may indeed transform the global economy.

But transformational technologies and speculative bubbles often coexist simultaneously.

The internet changed civilization, yet countless internet stocks still collapsed after 2000.

That is an important distinction investor must understand.

The biggest risk today is not whether AI matters.

The biggest risk is whether current valuations already assume decades of future perfection.

For original shareholders and insiders, the temptation to monetize positions at historically elevated valuations is obvious.

If you are an early investor sitting on a thousand-percent return, and markets are offering unprecedented liquidity, the rational financial decision may indeed be to partially cash out through IPOs.

That does not automatically imply the company lacks future growth.

But it does suggest insiders recognize current market enthusiasm may not remain permanent forever.

Another issue is competition.

Right now, investors are behaving as though only a handful of AI companies will dominate the future.

But technological leadership changes quickly.

Today’s market leader can become tomorrow’s forgotten platform.

In the AI sector, barriers to entry are high, but not undefeatable.

Open-source models are improving rapidly.

Governments may impose regulatory restrictions.

Energy costs may rise dramatically.

And profit margins could compress as competition intensifies.

Therefore, while the AI revolution itself is probably real, the valuation environment surrounding it may already contain bubble-like characteristics.

Can This Growth Continue — and What Comes Next?

Now let us examine the bigger picture.

Can these technology giants sustain their growth over the next decade?

The answer depends on three critical forces.

First, energy. AI expansion requires enormous electricity consumption.

Modern AI models demand massive computational power.

Data centres are becoming the new factories of the digital economy.

This means future AI growth will increasingly depend on energy availability.

Countries capable of securing stable electricity supply, semiconductor manufacturing capacity, and advanced cooling infrastructure may become the next technological superpowers.

Second, geopolitical fragmentation will reshape the industry.

The United States, China, Europe, and the Middle East are all attempting to establish sovereign AI ecosystems.

This means future technology companies may operate under increasing political influence.

Regulation, export controls, national security reviews, and digital sovereignty policies will become central investment considerations.

Third, productivity. The long-term sustainability of AI depends on whether it genuinely improves economic productivity.

If AI substantially increases global productivity, corporate profits could expand dramatically.

But if AI mainly replaces labor without generating sufficient new economic demand, societies may face rising inequality, unemployment pressure, and political instability.

This is why governments worldwide are simultaneously supporting AI development while also worrying about its social consequences.

AI may become the defining political-economic issue of the next twenty years.

Now, let’s discuss which sectors may become the market’s new favourites?

I believe there are several major categories.

First, AI infrastructure providers.

Second, semiconductor and advanced chip manufacturers.

Third, cybersecurity and digital defence firms.

Fourth, energy technology companies supporting data center expansion.

Fifth, robotics and industrial automation.

And sixth, companies integrating AI into traditional industries such as healthcare, finance, logistics, and manufacturing.

The next decade may not simply produce technology companies.

Instead, every industry may eventually become an AI industry.

And that changes how investors should think about the future.

Conclusion

So ultimately, what are we witnessing today?

This is not merely another IPO cycle.

This is a global capital reallocation event driven by artificial intelligence, geopolitical rivalry, and the restructuring of the world economy.

Some valuations may indeed be excessive.

Some IPOs may disappoint.

And speculative behavior is clearly re-emerging in financial markets.

But put the hype aside, there is also a deeper reality:

AI is becoming a foundational economic force.

The companies leading this transformation could shape not only financial markets, but also labor systems, national security, industrial competitiveness, and global political influence for decades to come.

The challenge for investors is therefore not simply identifying exciting technology.

The real challenge is distinguishing between temporary market excitement and sustainable long-term economic power.

Because in every technological revolution, fortunes are created.

But bubbles are also born.

And history has repeatedly shown us that the line separating genius from speculation is often far thinner than investors realize.

Thank you for watching the Global Economic Perspectives with Ramand, please comments below if you have any thoughts. I’ll see you next time.