Ed Yardeni Dismisses Liquidity Drain Fears as SpaceX, Anthropic, OpenAI Prepare IPOs Around June 12

According to Ed Yardeni, president of Yardeni Research, the planned initial public offerings (IPOs) of SpaceX, Anthropic, and OpenAI will not drain liquidity from broader stock markets. In a new analysis, Yardeni noted that the "AI-3" are expected to collectively raise approximately $200 billion, which is manageable given that $232 billion in new equity issuances were financed over the past 12 months through April. SpaceX is set to go public on June 12, with the other two companies also preparing their offerings.

Yardeni pointed out that the capital raised by the AI-3 represents only a small fraction of the $75.6 trillion Wilshire 5000 and $60 trillion S&P 500 market capitalizations. Additionally, these companies are offering limited free float to the public—SpaceX, for example, is floating only approximately 4.3% of its shares—which further constrains potential market impact.