Space Exploration Technologies Corp. and Anthropic are preparing for major initial public offerings in the United States, a move that could test the depth of market liquidity and push investors to rethink their tech allocations. The two high-profile companies, backed by deep-pocketed private investors, are expected to file confidentially with the SEC in the coming months, though no official timeline has been set.
Liquidity strain ahead
The sheer size of both offerings — each expected to rank among the largest tech IPOs in recent years — has bankers and fund managers quietly flagging the potential for a temporary liquidity crunch. Large IPOs can suck a significant amount of capital out of the market at once, particularly if institutional investors rush to secure allocations. The companies' large private valuations mean the public float could be substantial, and market participants are watching how underwriters pace the share sales.
Some traders point to past mega-IPOs that briefly dampened trading volumes in secondary markets as investors shifted cash to the new listings. The same pattern could emerge here, especially if both offerings overlap in timing.
Shifting the tech investment landscape
The two names represent different corners of the tech world. SpaceX, the rocket and satellite company founded by Elon Musk, has long been seen as a potential blockbuster listing. Anthropic, an artificial intelligence startup, has drawn heavy backing from cloud providers and venture firms betting on the next wave of generative AI. Their simultaneous push toward public markets could force portfolio managers to rebalance — selling stakes in existing tech giants to free up capital for the newcomers.
“You’re going to see a reweighting,” said one fund manager who declined to be named because he was not authorized to speak publicly. “These are not small allocations we’re talking about.” The ripple effects could hit other late-stage private companies, which may face higher valuation scrutiny if public investors become more selective about where they place their money.
Governance scrutiny to intensify
Both companies have operated with unusual governance structures in the private market. SpaceX has long been controlled by Musk, with limited outside oversight, while Anthropic has employed a unique governance mechanism meant to prioritize safety alongside profit. As public companies, they will face far more rigorous disclosure requirements, independent board mandates, and shareholder oversight.
Regulators and proxy advisory firms are already signaling that the IPOs will draw heightened attention to how the companies manage conflicts of interest, executive compensation, and board independence. Certain investors are privately preparing to push for governance reforms post-listing, especially if either company’s share price stumbles early.
The SEC has not commented on the planned offerings. Both companies declined to discuss their IPO preparations on the record.
