The AI IPO season is here with SpaceX, Anthropic, and OpenAI preparing for huge listings. These companies are seeking public funds to cover their significant expenses. Valuations are soaring, leading to questions about the AI bubble. Investors are being urged to be cautious as these tech giants aim to reshape the market.

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.