The writer is founding chair of Research Affiliates
Will the SpaceX initial public offering break capital markets? No, but it will test their resilience.
During the dotcom bubble, hundreds of companies went public, yet only a handful raised more than $1bn. Over the following quarter century, IPOs grew steadily larger as businesses and the global economy expanded. The biggest was Saudi Aramco, which raised about $29bn in its 2019 IPO that valued it at about $1.9tn. SpaceX, Anthropic and OpenAI are expected to raise roughly $170bn combined at valuations that may exceed $4tn.
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