A 40% market crash is lurking in the IPO pipeline. SpaceX and OpenAI could trigger it.
THE SO WHAT
If SpaceX, OpenAI, and peers come public into already stretched multiples, late-cycle IPO euphoria could flip into a 2000-style reset. Operators should scenario-plan for a world where capital tightens 6–12 months after mega-AI listings—especially if your customers or vendors are equity-dependent.
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