Mega AI IPOs Could Overwhelm Market Liquidity with Tiny Public Floats
Tom Tunguz notes that the combined $2.9 trillion market cap of SpaceX, OpenAI and Anthropic would require $432‑$576 billion of public float at typical 15‑20% levels—far exceeding the $469 billion raised by all US IPOs over the past decade. Consequently, the firms will likely float only 3‑8%, risking index‑fund strain and liquidity stress.