Tech giants' IPOs set to reshape global capital markets

Blockbuster initial public offerings from tech champions such as Anthropic and SpaceX are poised to fundamentally reshape global capital markets. This wave will redirect capital flows and alter valuations across the tech sector. As competition intensifies, investors worldwide will be forced to rethink where future returns will come from.

For China, the rise of these companies will intensify an already fierce contest for global capital, putting further strain on foreign investment restrictions. SpaceX could raise US$75 billion when it starts trading on the Nasdaq stock market, potentially this week, shattering the previous record set by Saudi Aramco. The deal has drawn more orders than shares available, with institutional investors placing orders for about US$10 billion or more. Up to 30 percent of the offering is set aside for retail investors, reportedly the largest such allocation ever attempted.

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The SpaceX IPO alone could generate more exit value than all IPOs in the last decade.

The IPO would value the company at about US$1.75 trillion – roughly 50 times book value and around 94 times 2025 revenue. However, analysts differ widely on its worth, with Morningstar estimating it at US$780 billion. Morningstar described the company’s “moat” as “indeterminate,” echoing Warren Buffett’s metaphor. Only Alibaba and Meta have been valued at US$100 billion after their first day trading on US exchanges. Morningstar noted that the SpaceX IPO alone could generate more exit value than all IPOs in the last decade, though at its launch, it is still smaller than Alphabet, Apple, Microsoft, and Amazon.

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