The largest tech IPO of the 2000s was Visa at $28B. The largest of the 2010s was Alibaba at $168B. Roughly 6x per decade.

Now extend the line. OpenAI and Anthropic each sit at $1T even before listing.
If you add up the biggest tech debuts of the last 25 years. Alibaba, Facebook, Uber, Rivian, Snowflake, Palantir, Cerebras, CoreWeave, all of them. You get roughly $800B.
OpenAI + Anthropic alone are worth nearly $2T. Still private. 2.5x bigger than a quarter century of Wall Street's biggest listings, combined.
But the biggest structural difference is that the likes of Visa and Alibaba and all the other tech companies scaled on infrastructure that already existed. Payment rails, internet penetration, logistics and their valuations monetized built capacity.
These AI valuations assume capacity that does not exist yet. The data centers, the power, the GPU supply still have to be financed and deployed. $2T of value is priced on infrastructure nobody has finished building.
That gap is the defining economic opportunity of this era. The value accrues to whoever closes it.