AI fears rattle tech IPOs, but SpaceX, OpenAI still bullish
A wave of fear around AI stocks—sparked by a viral blog post—has hit tech IPOs hard.
Many smaller companies are delaying or ditching their public debuts, but giants like SpaceX, OpenAI, and Anthropic are still gearing up for blockbuster IPOs this year with a combined valuation near $2.9 trillion.
Tech IPOs take a hit
Most tech companies that went public in 2025 are now trading well below their IPO prices—on average down 21%.
The few that listed in early 2026 have done even worse, dropping about 36%.
Figma's shares soared at first after its $1.2 billion debut last July, but they're now more than 25% below the original price.
Major firms still on track for blockbuster debuts
Uncertainty has pushed several firms to pull or pause their IPO plans—Liftoff Mobile and Clear Street both backed out recently.
Meanwhile, companies like StubHub and Klarna are struggling post-IPO due to worries about how AI could shake up the industry.
Still, all eyes are on the upcoming mega-debuts: SpaceX is aiming for a $1.5 trillion valuation this summer; OpenAI is targeting $1 trillion; and Anthropic is prepping its own massive listing after being valued at about $350 billion following a $10 billion funding round.