Maurizio Priamo @Maurizio_P: "SUBJECT: 🚨 Mega IPOs ahead:..."

Italy

SUBJECT: 🚨 Mega IPOs ahead: a (silent) risk for the market? In the coming months, we could witness something quite rare: a concentration of massive IPOs within a very short timeframe. SpaceX now appears to be in the final stages of its process, with a potential listing already between June and July 2026. Shortly after, the market is watching Anthropic, which could attempt to go public by the end of the year (some windows point to October), while OpenAI remains further behind, with a timeline that is likely shifting toward 2027. At first glance, this sequence of IPOs may seem like a purely positive signal: innovation, growth, new opportunities for investors. In reality, there is a much less discussed aspect, but a crucial one for those already exposed to equity markets. The capital that will flow into these IPOs does not come out of nowhere. It will be taken from existing positions. When institutional investors need to allocate tens of billions into new listings, they are often forced to reduce exposure to stocks already in their portfolios. This means that in the weeks leading up to these IPOs, we could see a gradual but meaningful selling pressure on some of the most crowded names in the market. And this is where the key point comes in. These sales are unlikely to be random. They will tend to concentrate on what has worked best so far. Artificial intelligence–related stocks, big tech, and more broadly the entire high-multiple growth segment are the natural candidates. Not because their fundamentals suddenly change, but because they represent the most immediate source of liquidity. In other words, the market could begin to redistribute capital. Not necessarily to move lower in a linear way, but to rotate. This becomes even more interesting because it is happening in an already delicate context: indices near all-time highs, strong concentration in a few names, and a dominant passive component (ETFs) that amplifies flows. If you add an IPO like SpaceX — with potentially unprecedented size — it becomes clear that the system will need to “make room”. However, the point is not to defensively reposition too early in a rigid way. Personally, I don’t see much value in modifying my portfolio today based solely on a future event that is not yet fully priced in. Instead, I prefer to think in terms of operational timing: it will be in the weeks immediately preceding the IPOs, during the roadshows and the pricing phase, that I will start making potential tactical adjustments — reducing exposure where I see excessive crowding and building liquidity. Because that is when the dynamics truly change. And that is often where the best opportunities are created. There is also another element that I consider even more important, and that is rarely discussed: these IPOs mark a structural shift in the market. Until now, artificial intelligence has largely been played through “proxies” — $NVDA (NVIDIA Corporation), $MSFT (Microsoft), and the big tech ecosystem. With Anthropic and, eventually, OpenAI, the market will begin to gain direct exposure to pure players. This implies an inevitable repricing. Not necessarily negative, but selective. Some capital will shift, some valuations will be questioned, and as often happens, volatility will be more technical than fundamental. And it is precisely in these phases that flexibility matters more than certainty. In the end, mega IPOs are never neutral events. They almost always emerge in periods of strong enthusiasm and often mark the beginning of a new phase, not the end of the previous one. The goal is not to avoid them. The goal is to be prepared when the market, inevitably, starts to reorganize itself. Happy investing to everyone Maurizio $NSDQ100 $SPX500 $EURUSD

Not investment advice. The author may have financial interests in the mentioned instruments.