Wall Street may be on the cusp of one of the most consequential initial public offering (IPO) waves in years. SpaceX is preparing what could be the largest IPO in history, potentially valuing the rocket maker and xAI owner at close to $1.75 trillion. OpenAI and Anthropic are also weighing listings that could command valuations measured in the hundreds of billions.

The key question is not about size or spectacle. It is structural: Can a concentrated, space- and AI-led IPO wave extend beyond a handful of marquee names and meaningfully unlock the broader M&A market? READ MORE