The AI IPO Avalanche Is Here: OpenAI, SpaceX, and Anthropic Are All Coming for Your Wallet at Once

It's raining IPOs and someone forgot the umbrella. OpenAI has confidentially filed an S-1 with the SEC, working with Goldman Sachs and Morgan Stanley on a potential autumn listing — joining SpaceX ($SPCX), which is already on roadshow seeking to raise $75 billion at a jaw-dropping $1.77 trillion valuation, and Anthropic, which quietly filed its own paperwork. BNP Paribas analysts on CNBC are flagging that retail investors are literally selling semiconductor winners to stockpile cash for SpaceX — Micron saw $6.5 billion in net retail outflows in a single month. That's not rotation, that's a fire sale.

Meanwhile, the macro backdrop is doing its best villain impression. A blowout May jobs report (172,000 jobs vs. an 80,000 expectation) sent rate-hike odds surging to 72% by December, per ClearValue Tax on YouTube. CPI is tracking toward 4.2% in May. Bank of America is waving red flags on overheated AI and chip stocks. And yet — Tom Lee on CNBC called the pullback a 'false narrative,' credit spreads remain at multi-decade tights, and $INTC just ripped 11% on a Google chip order. The bull and bear are basically sharing a studio apartment right now.

The IPO wave signals one undeniable truth: the smart money thinks public markets still have appetite. The question is whether retail has enough left in the tank after buying every dip in semis and funding three of the most hyped listings in history simultaneously — because that's a lot of tabs open at once.