这波股权扩张的代表事件是伊隆·马斯克旗下的SpaceX完成了历史上规模最大的首次公开募股（IPO），挂牌首日便大涨19%，而OpenAI与Anthropic等AI巨头也计划于近期进行超大型IPO。与此同时，Alphabet、Meta和Oracle等科技巨头也正出售数百亿甚至数千亿美元的股票，以筹集资金应对AI资料中心和硬体设备的庞大资本支出。
面对这股史无前例的「股权化」浪潮，市场分析师意见分歧。乐观者认为这将重启沉寂已久的IPO管道并满足对热门私募公司的庞大需求，但悲观者则警告，历史数据显示超大型IPO往往会对大盘回报率构成阻力，且在AI概念股近期表现落后大盘的情况下，市场对如此庞大资金的需求是否能被完全消化仍面临极大考验。
After nearly two decades of stock scarcity driven by trillions of dollars in corporate buybacks and companies remaining private, the US stock market is poised for a massive influx of new share supplies fueled by the artificial intelligence boom. According to JPMorgan Chase & Co., equity offerings are expected to add approximately $1.5 trillion in net supply to the US stock market over the next two years, marking the strongest period of net issuance since the late-1990s dot-com era.
This historic expansion is highlighted by Elon Musk's SpaceX, which recently completed the largest initial public offering in history and surged 19% in its debut, with OpenAI and Anthropic set to launch their own mega IPOs in the coming months. Meanwhile, established tech giants like Alphabet, Meta, and Oracle are selling hundreds of billions of dollars in shares to finance their massive capital expenditures on data centers, GPUs, and AI infrastructure.
Analysts are divided on the market implications of this unprecedented shift from de-equitization to aggressive equitization. While optimists hope it will reopen the long-dormant IPO pipeline and satisfy pent-up investor demand for private-market giants, skeptics caution that historical data shows mega IPOs often act as headwinds for broad market returns, raising questions about whether investor appetite can absorb this massive supply.