The IPO Boom: Where Will the Money Come From?

A massive IPO boom is expected in 2026 with SpaceX ($75B), OpenAI ($60B), Anthropic ($15-20B), and Stripe ($10B) planning to go public, totaling $160-165B in capital raises. However, the article raises concerns about where this capital will come from, as it will require significant capital absorption from existing market holdings through institutional rebalancing and retail liquidation. Index inclusion of these mega-cap companies will trigger forced rebalancing waves, potentially creating headwinds for existing stocks in an environment of limited liquidity and elevated valuations.