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SPACEX, OTHER PLANNED IPOS NOT SIGNALLING MARKET TOP

SpaceX's SPCX.O recent completion of the largest initial public offering in history, and Anthropic's IPO and OpenAI's public offering scheduled for later this year raise questions for some investors over whether massive IPOs may be signalling a market top, according to Ryan Hartung, head of strategic growth at The Macro Institute.
But there doesn't seem to be reason to panic, Hartung says in a recent video.
"There is a limited amount of capital out there, believe it or not, and these guys are often chasing after the same dollars," he says.
Still, so far supply and demand dynamics do not look concerning, he says.
"While the IPO value in 2026 seems large, it's actually a tiny fraction of the total U.S. equity market. Plus, demand from retail investors, company buybacks, and foreign investors should be enough to offset this increase in supply," he says.
Moreover, Hartung says, citing data from the American Association of Individual Investors, investor sentiment indicators are not showing signs of euphoria.
"While the valuations of these companies IPOing seem inflated by some measures, the market overall does not currently display many signs of euphoric behavior," he says.
In addition, he says, "the market does not seem that euphoric despite the fact we are near all-time highs."
"So I am not freaking out that these IPOs necessarily mean a top on the market is around the corner."
SpaceX began trading on the Nasdaq June 12.

(Caroline Valetkevitch)
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