The Era of Super AI IPOs Begins: Celebration or Bubble?

Over the past two years, the AI track has been the hottest mainline in the global capital markets.
The AI industry has once again received major news—OpenAI has officially submitted its S-1 registration document secretly to the U.S. SEC,
meaning that the giant behind ChatGPT has taken an important step toward an IPO.
Meanwhile, Anthropic has also filed related documents, marking the official entry of the AI industry into the "Super IPO Era."

From the market reaction, funding enthusiasm for AI remains high.
AI chip company Cerebras surged 68% on its first day of listing, and recently received positive attention from multiple Wall Street investment banks,
with the market generally believing that the demand for AI inference computing power is still on the verge of explosive growth.

But behind the frenzy, more and more warning signals are beginning to appear.

Currently, OpenAI's valuation has reached the level of $850 billion, and Anthropic's valuation is even close to $1 trillion.
At the same time, SpaceX, OpenAI, and Anthropic—three super unicorns—are almost simultaneously impacting the capital markets,
which means that in the coming months, the global market will face unprecedented financing demands.

For the crypto market, this is not entirely unrelated.

Over the past year, a large amount of capital has flowed from traditional tech sectors into AI concept stocks,
and AI narratives have also become one of the most important speculative directions in the crypto market.
From FET, TAO to AI Agent tracks, almost every hot topic is related to artificial intelligence.

If the future AI super IPOs continue to be favored by the market,
then AI concept assets may continue to benefit;
but if overvaluation leads to capital re-evaluating the profitability of AI companies,
then risks could also transmit to the entire tech sector and even the crypto market.

Currently, Bitcoin remains in a high-volatility zone,
market risk appetite is still relatively strong, but the capital feast in the AI sector has entered its most疯狂 stage.

Historical experience tells us that every technological revolution will give birth to great companies,
and also produce huge bubbles.

And the era of super AI IPOs may have just begun. #SpaceX获大幅超额IPO认购 @Gate 广场