Business Insider reported that trader Ed Elson is bearish on the coming mega-IPO wave, including SpaceX, OpenAI, Anthropic, and other big names. I think that is the part worth paying attention to.
When too many giant stories hit the market at the same time, the market stops rewarding scarcity in the same way. SpaceX, OpenAI, and Anthropic can all be good businesses and still be part of a crowded valuation trade. Those are not the same thing.
Once the IPO window turns into a stampede, timing matters a lot more. Narrative fatigue starts to matter too. The market can only absorb so much promise before it starts asking harder questions.
This is where I think people need to separate admiration from underwriting. You can admire the ambition and still admit the price already assumes a lot of things go right. The business can be impressive, the founders can be talented, and the stock can still be too crowded if everyone is buying the same future at once.
Free HubSpot workshopBring one HubSpot problem to a free 30-minute callA screen-share walkthrough of your portal with me, not a salesperson, and a short roadmap at the end. No contract or credit card.Book the free workshopThere is also a portfolio reality here. When enough of these companies become public, the exposure does not stay neatly contained to people who choose the risk. It starts showing up through indexes, funds, retirement accounts, and the broader market story. That makes the hype cycle feel a lot less abstract.
The risk is not just valuation. It is what happens when everyone tries to hit the market at peak confidence and assumes the window stays open forever. That can work. It can also get ugly very fast.
This feels less like healthy capital formation and more like too many giant promises arriving at once.
