Three leading AI companies are racing to go public this year. It might not be good news for consumers.

The companies driving artificial intelligence need access to ever-increasing amounts of capital at ever-increasing valuations. That makes them vulnerable.

Tech stocks continue to lead the Nasdaq Composite and S&P 500 in a record-breaking market rally, while Elon Musk's SpaceX is set to price its IPO this month and Anthropic rival…