Databricks CEO Ali Ghodsi says the $134B company will skip 2026 IPOs as SpaceX, Anthropic, and OpenAI absorb $200B+ in public capital.

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

Three companies likely worth more than $1 trillion going public in quick succession is bound to have a significant short-term impact on the market.