Michael Burry, the contrarian investor best known for predicting the 2008 subprime mortgage crisis, does not believe that blockbuster public listings of SpaceX, OpenAI, and Anthropic will mark the top of the current bull market, according to his latest Substack comments. Burry stated that "I do not believe they will have that impact" when asked about whether the massive IPOs would mark the top of the current bull market. He explained that "IPOs are a major marketing event, and companies wouldn't want the noise from a SpaceX offering to drown out coverage of their own deals. So, listing activity may die down a bit during the weeks surrounding the SpaceX IPO." Burry believes that "the narratives will far outweigh" any technical market impact, noting that "the way IPOs are done, with just a small little bit put out to get a big pop, the market impact is minimal." His comments come as major U.S. stock market benchmark indexes have reached records in recent months, with the Dow Jones Industrial Average closing at a record high of 50,285.66 on Thursday, while the S&P 500 and tech-heavy Nasdaq Composite have also notched new records this month. Burry's comments indicate that he believes investor sentiment and narratives will have a bigger impact than supply-driven pressures, stating that "If they were truly being IPO'd maybe — from a supply angle it could change the technicals and trends."
SpaceX has officially filed its long-awaited prospectus with U.S. regulators, revealing what could be the largest IPO in history at a $1.75 trillion valuation, according to the Financial Times. The aerospace and artificial intelligence company, which will trade under the symbol 'SPCX' on Nasdaq, announced its listing plans with Goldman Sachs securing the lead-left position on the deal, marking a significant blow to rival Morgan Stanley. While the company reported revenue of $18.67 billion last year with a net loss of $4.9 billion, recent disclosures show sales rose 15.4% in Q1 2026 to $4.69 billion compared to the same period last year, though the company reported operating losses of $1.9 billion for the first quarter. The filing consolidates Musk's control over two of America's most valuable companies, with a special class of shares giving him an 85% voting stake in SpaceX. SpaceX is expected to list on Nasdaq in early June and raise roughly $75 billion at a valuation of about $1.75 trillion, surpassing the record set by Saudi Aramco in 2019.
ChatGPT maker OpenAI is reportedly laying the groundwork for a public debut as early as September, with a valuation reportedly approaching $1 trillion, as reported by CNBC. The company, which was last valued at $852 billion, is working with merchant bankers Morgan Stanley and Goldman Sachs to file a draft prospectus in the coming weeks. OpenAI CFO Sarah Friar told CNBC that it's "good hygiene" for a firm of OpenAI's size to "look and feel and act" like a public firm, though she did not comment on a specific timeline. The AI company brought in revenue of more than $13 billion last year but expects to spend around $115 billion over the next four years. CNBC's Jim Cramer flagged concerns of speculative excess in the IPO market ahead of the massive public offerings, reporting that "If SpaceX issues just a sliver of stock...this company could have a $5 trillion valuation," adding that "SpaceX would create a bubble unto its own." He also warned that "the stock market, like any other market, is all about supply and demand. Too much supply and the market breaks down."
Claude operator Anthropic has reportedly surged to a pre-IPO valuation of $1.2 trillion, with some reports suggesting it is targeting a public listing at the end of 2026, according to The Wall Street Journal report. The company could generate $10.9 billion in revenue from operations in the second quarter, which would mark its first profitable quarter. In the first quarter, Anthropic had generated revenue of $4.8 billion. Notably, Anthropic derives around 80% of its revenue from enterprise customers compared to 40% for OpenAI. The company was founded in 2021 by a group of researchers and executives who left OpenAI, citing concerns regarding the company's direction.
CNBC's Jim Cramer flagged concerns of speculative excess in the IPO market ahead of the massive public offerings from SpaceX, OpenAI, and Anthropic. Cramer reportedly said that "If SpaceX issues just a sliver of stock...this company could have a $5 trillion valuation," adding that "SpaceX would create a bubble unto its own." He also warned that "the stock market, like any other market, is all about supply and demand. Too much supply and the market breaks down." Matt Kennedy, senior strategist at Renaissance Capital, reportedly told Reuters that SpaceX's mega IPO could "suck up the oxygen in the market," citing the example of Facebook's debut in 2022. Data from the IPO-focused researcher indicated that public listing activity was down 37.5% from a year earlier, as of April, and Renaissance Capital believes that could worsen in the months ahead. Wang Zheng, chief investment officer at Jingxi Investment Management in Shanghai, reportedly told the South China Morning Post that "liquidity conditions may become unfavorable for IPO markets, including Hong Kong" due to the SpaceX IPO. Burry's comments are at odds with those of several other Wall Street participants, who believe the wave of mega IPOs could drain liquidity from broader markets and signal overheated investor sentiment.
