On 12 June, SpaceX listed on the Nasdaq under the ticker SPCX. It is the first of what is expected to be three high-profile listings this year. Anthropic has already filed confidentially, and OpenAI is expected to follow. After a quieter spell, the Initial Public Offering (IPO) market is reopening at scale.

These companies are of a grander scale than anything we have seen before. There is, therefore, a lot of hype, buzz, ‘vibes’.

It is understandable. SpaceX is a remarkable business built by a remarkable man. Anthropic is growing revenues at an extraordinary clip, particularly in the enterprise space. OpenAI’s ChatGPT brought artificial intelligence (AI) to the forefront of our minds only three years ago, and growing to 100…