Barry Eichengreen compares SpaceX and other coming mega-IPOs to what followed that of Nippon Telegraph and Telephone in 1987.
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Economics
Jul 3, 2026
Barry Eichengreen
Today’s wave of mega-IPOs has unleashed a wave of analogies to past booms. While no analogy is perfect, an especially apposite—and sobering—case may be what followed Nippon Telegraph and Telephone’s IPO in February 1987.
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