A series of IPOs by mega-cap technology companies could signal a possible market top, according to strategists interviewed by CNBC. Analysts draw parallels with the period of the dot-com bubble, at the end of the 1990s, given the movement of companies such as SpaceX, OpenAI and Anthropic to debut on the stock exchanges later this year.
The IPO of SpaceXconfirmed in a regulatory document released on Thursday, is expected for June 12 and could become the biggest IPO in history. The company of Elon Musk seeks an assessment of US$1.75 trillion on Nasdaq.
Meanwhile, OpenAI and Anthropic have also announced plans to go public in 2026. The three companies have yet to report an annual profit, although Anthropic is expected to report its first profitable quarter in its upcoming financial results.
Analysts claim that the business models of these companies are still not very transparent, which has led part of the market to recommend caution to investors interested in IPOs.
“I see this as a market top,” John Blank, chief equity strategist at Zacks, said on the show Squawk Box Europefrom CNBC. According to him, large IPOs tend to appear at moments close to the market’s peak, as happened in 1999 during the rush of internet companies to go public.
SpaceX accumulates losses
SpaceX recorded a net loss of US$4.28 billion in the most recent quarter, after losses of US$4.94 billion in 2025.
Starlink responded by US$3.26 billion in revenue in the period, equivalent to 69% of the company’s total revenue. The space business had an operating loss of US$619 million, while the artificial intelligence division lost US$2.5 billion.
In the S-1 document presented to the market, the company stated that it has a “history of net losses” and that “it may not achieve profitability in the future”.
SpaceX also highlighted that a relevant part of its value depends on the development of technologies considered “new and untested”. According to the company, it will be necessary to maintain high investments over several years before products and services linked to AI become profitable.
Dan Coatsworth, head of markets at AJ Bell, said little is still known about the company’s finances due to its private status and Elon Musk’s control over 85% of voting rights.
The analyst drew attention to SpaceX’s intended valuation. According to him, a valuation of US$1.75 trillion would put the company trading at about 67 times its sales, approximately three times the multiple of its sales. Nvidia based on the last fiscal year.
IPOs of AI companies raise doubts in the market
OpenAI and Anthropic also announced plans to go public in 2026, expanding the movement of large technology companies towards the public markets. Despite investor interest, the two companies continue to record no annual profit, which has fueled doubts about the financial sustainability of the artificial intelligence sector.
SpaceX considers OpenAI one of its main rivals in the race for AI leadership. The company led by Sam Altman, like Anthropic, still faces questions about its ability to transform accelerated growth into profitability.
“If OpenAI and Anthropic can’t make money, this whole thing falls apart,” William de Gale, portfolio manager at BlueBox Asset Management, told CNBC.
According to him, a possible OpenAI IPO could expose the company’s financial weaknesses to the market. For the manager, more detailed disclosure of these companies’ numbers could accelerate a limit to the sector’s current growth cycle.
Deutsche Bank also expressed concern about the transparency of these companies. In a note published on Thursday, strategist Adrian Cox stated that it remains to be seen how public markets will evaluate companies like OpenAI when they release their financial statements and better explain the economics of their business models.
Source: www.bing.com
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