Investors cannot afford to ignore artificial intelligence (AI), as the market capitalisation of the top global companies is set to leap to new highs – with upcoming IPOs from SpaceX, Anthropic and OpenAI expected to reshape stock market indices, according to Dr Kevin Hebner, managing director and global investment strategist at TD Epoch.

SpaceX is expected to be the largest IPO, raising about US$75 billion. With two more mega IPOs expected to launch in the next six months, all three will enter the indices quickly and change the Mag7 to the Mag10.

“SpaceX is set to be the biggest IPO ever. The company will be raising somewhere in the neighbourhood of US$75 billion, with 30 per cent of funds raised coming from retail markets. It’s going to be massively oversubscribed.

“It is an exciting deal and if it does come out at a valuation around US$1.75 trillion, it will be the sixth or seventh largest global tech company immediately, sitting just below Amazon (NASDAQ: AMZN),” he says.

SpaceX is more than just rockets. “There are three components to SpaceX. There’s the rocket ‘launch’ with Starship Version 3. There’s the communication business, with Starlink satellites, which is growing very rapidly. And then there’s the AI business. That is what most of the value in the IPO is being attributed to.

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