Romanian broker Investimental sees IPO surge in US market driven by AI giants
Investimental, a major broker on the Romanian market, said in a report released this week that local investors can participate in the anticipated listings of SpaceX, Anthropic, and OpenAI from the first day of trading.
The IPOs of leading AI companies Anthropic and OpenAI, along with American spaceflight, telecommunications, and artificial intelligence company SpaceX, are estimated to bring between USD 3.5-4 trillion in total stock market capitalization, according to an Investimental analysis.
SpaceX is considered one of the most anticipated candidates for a stock market listing, with an initial public offering estimated at approximately USD 75 billion and announced for the end of next week. The SpaceX IPO is expected to be the largest in the history of capital markets, exceeding the previous record set by Saudi Aramco in 2019 by approximately 2.5 times. The company founded by Elon Musk has gone through nearly 25 years of activity and between 30 and 40 funding rounds before reaching this stage.
Anthropic, the developer of the Claude artificial intelligence model, confidentially filed its IPO documentation at the beginning of June. In its most recent funding round, the startup attracted USD 65 billion, with its post-money valuation reaching USD 965 billion. The company is currently in its Series H funding round, a mechanism with which the Romanian market became familiar following UiPath’s listing in 2021.
OpenAI, the company behind ChatGPT, was valued at USD 852 billion following a record funding round of USD 122 billion, placing it among the most valuable private companies in the world.
“The wave of IPOs taking shape on the US market involving companies in the field of artificial intelligence is unprecedented in the recent history of stock exchanges and has the potential to influence the evolution of capital markets and the global economy in the years ahead. Romanian investors will not watch this moment from the sidelines,” said Gabriel Aldea, Deputy Chief Executive Officer of Investimental.
The rapid rise in interest rates beginning in 2022, combined with geopolitical uncertainties, significantly reduced global appetite for initial public offerings. According to EY data, the cumulative value of IPOs on the US market over the past four years has reached only 70% of the approximately USD 155 billion volume recorded in 2021.
The expected recovery is also supported by recent changes to the rules regarding the inclusion of companies in indices. Starting on May 1, a company can be included in the Nasdaq 100 technology index after only 15 trading sessions instead of up to one year previously, provided it ranks among the top 40 companies by size. At the same time, the requirement for a minimum free float of 10% has been eliminated.
A stock market listing represents the moment when investors who have financed a company over time can monetize their holdings. To limit selling pressure on the share price, founders and early investors are subject to lockup periods of 90, 180, or even 365 days, with gradual reductions of their positions. Still, prices can vary wildly after the IPO. Facebook’s 2012 listing was a clear example, as shares fell 40% from the offering price before the expiration of the six-month lockup period.
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