great piece from JPM on the upcoming OpenAI, Anthropic and SpaceX IPOs this year, showing fears of IPO oversupply breaking markets are grossly overstated. they run a regression to estimate that $2.7trn of combined IPO valuations should = $90bn of equity issuance (vs $209bn raised in total last year) 1. $90b = 1 month's worth of retail buying activity 2. this will crowd out other IPO activity 3. buybacks are healthy and tracking for $1.6trn/year globally again. fear of reduced buybacks by hyperscalers is probably overstated, there is little corr between FCF and buybacks.