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AI Market Bubble and IPOs: The Maths Behind OpenAI, Anthropic and SpaceX Public Listings Doesn’t Add Up

Australian Financial Review

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Date Published
9 June 2026
Priority Score
2
Australian
Yes
Created
10 June 2026, 12:00 am

Authors (1)

Description

The IPOs of OpenAI, Anthropic and SpaceX are asking investors to suspend disbelief – and the normal rules of economics and finance.

Summary

This analysis examines the financial pressure on frontier AI labs like OpenAI and Anthropic to pursue public listings despite astronomical valuations and unproven economic models. The push for liquidity underscores the massive capital requirements needed to continue scaling frontier AI models, which directly impacts the speed and intensity of AI development. While primarily focused on financial markets, the sustainability of these companies relates to the governance of catastrophic risks, as commercial pressures may incentivize cutting corners on safety protocols to meet investor growth expectations. The inclusion of Australian context via Canva's IPO stance highlights local tech sector caution amid a global AI investment frenzy.

Body

MarketsChanticleerPrint articleJun 9, 2026 – 12.24pmAt The Australian Financial Review AI Summit last week, Cameron Adams, the billionaire co-founder of the Aussie-born design software giant Canva, said Australia’s venture capital sector would have to keep waiting for what might be the most anticipated Australian IPO in a generation.“We’re not in a rush to IPO, and there’s definitely no forcing function for us at the moment,” Adams said.Loading...SaveLog in or Subscribe to save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreChanticleerAIIPOOpenAIAnthropicSpaceXSam AltmanOpinionFetching latest articles