| The amount of new shares for sale could be very large in those three IPOs: SpaceX: up to $75B [1] OpenAI: at least $60B [2] Anthropic: more than $60B [3] Together, that would be about $195B+ of IPO shares to buy. For comparison, all U.S. IPOs together raised $44.0B in 2025 [4]. All IPOs in the world together raised $171.8B in 2025 [5]. So where should the money come from? Either from selling shares in other companies or from loaning money which would only make sense if the Fed brings back ZIRP. [1] https://www.reuters.com/business/aerospace-defense/spacex-ta... [2] https://www.reuters.com/business/openai-lays-groundwork-jugg... [3] https://www.investing.com/news/stock-market-news/anthropic-c... [4] https://www.renaissancecapital.com/review/2025USReview_Publi... [5] https://www.ey.com/en_ie/newsroom/2026/01/global-ipo-market-... |
Net buying of corporate equities by American households, trusts, funds and non-profits has averaged $660bn per year for the last few years [1].
[1] https://www.federalreserve.gov/releases/z1/20260319/html/f22... line 26, 2023 to 2025