SpaceX, Anthropic, OpenAI IPOs signal concentration, not reopening

SpaceX lists on Nasdaq at $135 a share for a $75 billion raise, the largest public offering in history. Anthropic and OpenAI also filed for IPOs. The three listings absorb available capital and attention, creating a concentration event rather than a broad market reopening. The real opportunity lies in M&A, as these companies become well-capitalized acquirers.