Start-up capital listed on the stock exchange

23.06.2026

The stock market listing of SpaceX marked the beginning of a new (perhaps short-lived) era.

The listing of SpaceX kicked off a wave of IPOs by young companies (‘venture capital’). The IPO was a success. It remains to be seen whether any sales by various existing shareholders can be absorbed by institutional investors (e.g. index funds). The next set of quarterly figures will reveal whether the loss-making divisions, in particular, will show improvement. The various ‘triangular relationships’ (e.g. SpaceX with Anthropic and Google, etc.) present both opportunities and risks. The valuations of the various candidates for IPOs – specifically, market capitalisation to turnover ratios – remind investors of the heady years of 1999–2001. Candidates could include, for example: Anthropic, OpenAI, Perplexity, Vincen AI, etc.