The IPOs of OpenAI, Anthropic and SpaceX are asking investors to suspend disbelief – and the normal rules of economics and finance.

SpaceX’s record-smashing IPO plan shows investors are eager to keep pouring money into all things AI, even as alarm bells ring for the wider economy.

OpenAI, Anthropic, and SpaceX are pricing in a global AI economy that doesn't exist yet — and their durable money is in São Paulo and Addis Ababa.