Capital Markets

The wave is now real and not just talk. On June 12, 2026, SpaceX completed the largest IPO in history: it sold about 555.6 million shares at 135 dollars each, raised 75 billion dollars, and the stock jumped roughly 19 percent on day one to close near 161 dollars, pushing its value above 2 trillion dollars after the first-day pop, up from an IPO pricing that valued it closer to 1.8 trillion dollars, and making it one of the most valuable public companies in the United States. SpaceX is AI-adjacent mainly through its merger with xAI rather than being a pure AI lab. That single raise was larger than the combined total of every other 2026 IPO and beat the previous record holder, Saudi Aramco, by a wide margin. Days earlier the two leading AI labs filed the confidential paperwork that starts the IPO clock: Anthropic submitted a draft S-1 on June 1 at a 965 billion dollar valuation with a revenue run-rate around 47 billion dollars, and OpenAI followed on June 8, last valued around 852 billion dollars and openly saying it has not set a timeline. Analysts estimate the dozen most-watched names in the 2026 pipeline are worth roughly 3 trillion dollars combined, with AI and AI-adjacent firms making up about 92 percent of that, the most AI-concentrated IPO year on record. Chipmaker Cerebras already closed around a 95 billion dollar valuation, and data company Databricks raised at about 134 billion dollars, showing the pipeline runs well beyond the three biggest names.

AI's energy appetite has made power the sector's binding constraint, and investors, including Google, are now writing venture-scale checks for speculative energy sources like fusion.