Will the AI race fuel another boom or another bubble?

AI giants are racing towards public listings as valuations soar.

SpaceX, OpenAI and Anthropic are edging closer to becoming publicly traded companies – in what could be one of the biggest waves of tech listings in history. Combined valuations already run in the trillions.

Through pension funds, retirement savings and managed investments, people could end up owning shares in these companies whether they choose to or not.

These firms need a lot of money to build data centres, servers and infrastructure. Going public is one way to raise it. But none of them has yet generated an annual profit, and analysts warn their business models remain opaque.