Will the IPO Wave Derail Equities?

A record pipeline of mega-IPOs from SpaceX, OpenAI, and Anthropic (combined ~$3-4 trillion valuations) is raising concerns about market absorption. However, analysis shows the actual free float (~$200bn) is marginal relative to total market cap ($75tn), and historical data indicates issuance waves coincide with strong markets rather than causing sell-offs. The real risk lies in concentration and potential rotation away from mega-cap tech stocks that already dominate indices, rather than supply absorption.