为了防止市场饱和，这些发行商最初计划仅出售少部分股票。例如，SpaceX 仅计划发行其 4% 的股权以筹集 750 亿美元（75,000,000,000 美元）。然而，Goldman Sachs 的数据显示，大型 IPO 低于 10% 的平均流通股比例通常会在上市一年后扩大到约 46%。预计到 2027 年，这一扩张将带来近 1 兆美元（1,000,000,000,000 美元）的新股权供应。此外，Nasdaq Inc. 和 FTSE Russell 加速纳入指数的规则将迫使被动基金购买这些股票，从而可能削弱较小公司的权重。
这股直接的人工智慧资产浪潮可能会将资金从现有的代理股票中转移出去。先前购买相关股票（如股价上涨 210% 的晶片制造商 Marvell Technology Inc.）的投资人，可能会清算这些持股以直接购买 Anthropic、OpenAI 或 SpaceX。尽管去年营运亏损达 64 亿美元（6,400,000,000 美元），但 SpaceX 仍计划以每股 135 美元的目标价格上市，这也可能取代 Tesla Inc.，成为投资人对 Elon Musk 进行零售投资的首选工具。虽然估值偏高，但高需求已使这些发行获得超额认购。
A massive influx of artificial intelligence equity is emerging on Wall Street as companies finance technological expansions. Although Meta Platforms Inc. plans a multi-billion-dollar offering that recently dropped its shares by 5.5% and Nasdaq 100 by 4.8%, this is minor compared to future supplies. Upcoming initial public offerings (IPOs) from SpaceX, Anthropic, and OpenAI are projected to add nearly $4 trillion ($4,000,000,000,000) in market capitalization to US exchanges. Additionally, Alphabet Inc. plans to raise $85 billion ($85,000,000,000) next quarter, representing an unprecedented supply event.
To prevent market saturation, these issuers initially plan to sell small shares. SpaceX intends to float only 4% of its equity to raise $75 billion ($75,000,000,000). However, Goldman Sachs data shows that average initial floats of under 10% for large IPOs typically expand to 46% within one year. This expansion is estimated to introduce nearly $1 trillion ($1,000,000,000,000) of new equity supply by 2027. Furthermore, accelerated index inclusion rules by Nasdaq Inc. and FTSE Russell will force passive funds to purchase these stocks, potentially eroding the weights of smaller firms.
This flood of direct AI assets may shift capital away from existing proxies. Investors who previously bought related stocks like chipmaker Marvell Technology Inc., which rose 210%, may liquidate these holdings to buy Anthropic, OpenAI, or SpaceX directly. SpaceX, targeted to list at $135 per share despite a $6.4 billion ($6,400,000,000) operating loss last year, could also replace Tesla Inc. as the preferred retail investment vehicle for Elon Musk. While valuations are high, high demand has left these offerings oversubscribed.