Three companies.

Trillions of dollars in combined value.

And all of them seem to be moving toward the public markets.

Maybe that's just a coincidence. I'm not convinced.

What caught my attention isn't any single company.
It's the timing.

SpaceX is preparing for what could become one of the largest IPOs in history.

Anthropic has already filed confidentially for a public listing.

And OpenAI is increasingly being discussed as a future IPO candidate.

Individually, these stories make sense.

Together, they make me wonder if we're entering a completely different phase of the AI boom.

A few years ago, investors were chasing AI stocks.

Now they may soon get access to the companies building the technology itself.

That's a very different level of excitement.

And possibly a very different level of risk.

The numbers are hard to ignore.

These aren't companies worth a few billion dollars.

We're talking about valuations that reach into the hundreds of billions and in some cases approach a trillion dollars.

When expectations get that large, reality doesn't have to be bad to disappoint people.

It just has to fall short of the story investors have already told themselves.

That's the part I keep coming back to.

The question isn't whether AI will change the world.

It probably will.

The question is whether the market is starting to price in decades of future success before that future actually arrives.

Maybe these valuations will look cheap in ten years.

Maybe they'll look absurd.

Right now, I honestly don't know.

What I do know is that we're watching some of the most valuable private companies in history move toward the public markets at roughly the same time.

And that feels significant!