Will SpaceX, OpenAI, Anthropic Mega IPOs Break The Bull Market? ‘Big Short’ Investor Michael Burry Doesn’t Think So

• Burry’s comments come as U.S. stock markets have surged to record highs in recent weeks, driven higher by robust technology growth and a mounting frenzy around AI.
• Meanwhile, CNBC’s Jim Cramer flagged concerns of speculative excess in the IPO market ahead of massive IPOs from SpaceX, OpenAI, and Anthropic. 
• Matt Kennedy, senior strategist at Renaissance Capital, reportedly told Reuters that SpaceX’s mega IPO could “suck up the oxygen in the market.” 

Michael Burry, the contrarian investor best known for predicting the 2008 subprime mortgage crisis, does not believe that blockbuster public listings of SpaceX, OpenAI, and Anthropic will mark the top of the current bull market, even as other market participants tout liquidity concerns. 

“I do not believe they will have that impact,” Burry said in a Substack chat in response to a question about whether the massive IPOs would mark the top of the current bull market.

Major U.S. stock market benchmark indexes have clocked records in recent months, driven higher by robust technology growth and a mounting frenzy around artificial intelligence. The Dow Jones Industrial Average closed at a record high of 50,285.66 on Thursday. The S&P 500 and the tech-heavy Nasdaq Composite have also notched new records this month. 

Investors Divided Over Impact Of SpaceX, Anthropic, OpenAI IPOs

Burry’s comments indicate that he believes investor sentiment and narratives will have a bigger impact than supply-driven pressures. “If they were truly being IPO’d maybe — from a supply angle it could change the technicals and trends,” he said. 

“But the way IPOs are done, with just a small little bit put out to get a big pop, the market impact is minimal. The narratives will far outweigh,” he added. 
The investor’s comments are at odds with those of several other Wall Street participants, who believe the wave of mega IPOs could drain liquidity from broader markets and signal overheated investor sentiment. 

Last week, CNBC’s Jim Cramer flagged concerns of speculative excess in the IPO market ahead of SpaceX’s massive IPO. The space company is expected to list on Nasdaq in early June and raise roughly $75 billion at a valuation of about $1.75 trillion.

“If SpaceX issues just a sliver of stock...this company could have a $5 trillion valuation,” Cramer reportedly said, adding that “SpaceX would create a bubble unto its own.” 

Cramer also warned that upcoming listings from OpenAI and Anthropic could further pressure the broader market. “The stock market, like any other market, is all about supply and demand. Too much supply and the market breaks down,” he said. 

Other market analysts have echoed similar concerns. In April, Matt Kennedy, senior strategist at Renaissance Capital, reportedly told Reuters that SpaceX’s mega IPO could “suck up the oxygen in the market,” citing the example of Facebook’s debut in 2022.

Data from the IPO-focused researcher indicated that public listing activity was down 37.5% from a year earlier, as of April, and Renaissance Capital believes that could worsen in the months ahead.

"IPOs are a major marketing event, and companies wouldn't want the noise from a SpaceX offering to drown out coverage of their own deals. So, listing activity may die down a bit during the weeks surrounding the SpaceX IPO," Kennedy told Reuters. 

Global Impact Of Mega IPOs

Meanwhile, other analysts are touting ripple effects across the global financial markets following SpaceX’s listing. “Liquidity conditions may become unfavorable for IPO markets, including Hong Kong,” Wang Zheng, chief investment officer at Jingxi Investment Management in Shanghai, reportedly told the South China Morning Post.

“Lots of investors will have their eyes on the SpaceX IPO and that may cause some outflows from the markets across emerging nations and the Asia-Pacific region in preparation for subscriptions,” Zheng said. 

The AI Listing Wave

SpaceX’s IPO is touted to be the largest public offering in history, surpassing the record set by Saudi Aramco in 2019. SpaceX recently filed IPO paperwork and disclosed rapid growth across its satellite, launch and AI infrastructure businesses, and offered a rare glimpse into its financials.

The company reported $18.67 billion in full-year 2025 revenue, with first-quarter 2026 revenue of $4.69 billion. In its S-1 filing, SpaceX estimated its total addressable market at $28.5 trillion, spanning space services, global connectivity, and AI. It also confirmed that Musk will remain CEO, chief technical officer and chairman following the listing. 

Meanwhile, OpenAI is reportedly laying the groundwork for a public debut as early as September, with a valuation reportedly approaching $1 trillion. Recent reports suggest that ChatGPT developer OpenAI has been working with bankers, including Goldman Sachs and Morgan Stanley, to draft its IPO prospectus.

Anthropic, the maker of Claude AI, has reportedly surged to a pre-IPO valuation of $1.2 trillion, with some reports suggesting it is targeting a public listing at the end of 2026. 

Meanwhile, at the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.36%, and the Invesco QQQ Trust ETF (QQQ) gained 0.47% amid ‘extremely bullish’ sentiment on Stocktwits. The SPDR Dow Jones Industrial Average ETF Trust (DIA) was 0.38% higher amid ‘neutral’ retail sentiment. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.