Why the SpaceX, OpenAI, and Anthropic IPOs won't derail the bull market

Why the SpaceX, OpenAI, and Anthropic IPOs won't derail the bull market Brian Sozzi · Executive Editor Thu, June 11, 2026 at 1:29 PM GMT+2 2 min read SPCX MU SNDK NVDA INTC Fears about the avalanche of stock coming to markets this year from the initial public offerings of SpaceX ( SPCX ), OpenAI ( OPAI. PVT ), and Anthropic ( ANTH. PVT ) have spooked tech investors at the onset of summer.

The primary concern: a lot more competition for investor dollars, which could unwind the hot AI trades of 2026 in the likes of Micron ( MU ), Sandisk ( SNDK ), Nvidia ( NVDA ), and Intel ( INTC ). In effect, these hot trades would be used by investors as sources of funds to invest in the latest tech IPOs. The insight: We appreciate Goldman Sachs strategist Ben Snider bringing a level head to this share avalanche debate.

It's sorely needed right now. Snider made several key points that, while unlikely to calm tech investors' nerves, offer context suggesting that 2026 momentum names could easily fall back into favor sooner rather than later. "Record US equity issuance will not derail the bull market in 2026," Snider explained in a new note.

"Three key reasons: First, IPO activity is rising but not extreme. 2026 is on track for roughly 100 deals, close to the 25-year average, versus over 250 IPOs in 2021 and nearly 400 in 1999. Second, supply remains modest relative to the size of the equity market.

Our estimate for roughly $700 billion of corporate equity issuance in 2026 equates to 1% of Russell 3000 market cap, similar to the 2015-2019 average. Third, gross buybacks of $1 trillion should outweigh supply, with additional demand from M&A, international investors, and households. However, as lockups expire, the balance of equity supply and demand will become more challenging in 2027.

" A view of stock issuance. · Goldman Sachs The bottom line: The share avalanche concerns have walloped the "Magnificent Seven" stocks particularly hard. The Magnificent Seven — Microsoft ( MSFT ), Amazon ( AMZN ), Apple ( AAPL ), Alphabet ( GOOG , GOOGL ), Nvidia, Tesla ( TSLA ), and Meta ( META ) — have erased roughly $2 trillion in market value this month, according to analysis from Yahoo Finance's Jared Blikre .

That accounts for more than two-thirds of the S&P 500's total market-cap loss in June. If Goldman's Snider is right, the selling pressure here could subside once we get beyond the SpaceX IPO on June 12. OpenAI and Anthropic aren't expected to come to market until the fall.

Dive deeper into the SpaceX IPO The public debut of Elon Musk's rocket and AI company is expected to make history. SpaceX stock jumps nearly 20% following largest IPO ever Elon Musk becomes world's first trillionaire SpaceX has had a skyrocketing valuation journey Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi , Instagram , and LinkedIn .

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