AI IPO wave on a stock market chart, with focus on lock-up expiration and valuation pressure
Market History

The AI IPO Wave Is Not the Signal — What Comes After Is

A string of trillion-dollar listings would be a spectacle by any measure. SpaceX, Anthropic, OpenAI — the names alone carry enough narrative weight to dominate financial headlines for months. But for investors trying to make sense of what a concentrated wave of AI mega-IPOs actually means for markets, the debut day excitement is probably the least important part of the story.