I've watched dozens of IPO cycles. I've never seen a pipeline like this one.
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## 🚀 SpaceX Filed for the Biggest IPO in History
SpaceX merged with Musk's xAI in February. Private valuation: **$1.25 trillion**. Now they've filed a confidential S-1 with the SEC. Target listing: **June 2026** at roughly **$2 trillion**. If it prices there, it's the largest IPO in the history of capital markets. [Source](https://markets.financialcontent.com/stocks/article/marketminute-2026-4-15-the-100-billion-gravity-well-how-spacexs-imminent-ipo-could-reshape-alphabets-future)
## 🤖 OpenAI Acquires Hiro Finance
OpenAI quietly acquired Hiro Finance — a personal finance AI startup backed by **Ribbit Capital** and **General Catalyst**. Founder Ethan Bloch joins OpenAI. The Hiro product shuts down April 20. The signal: OpenAI is building financial planning tools ahead of its own **~$1T IPO in Q4**. [Source](https://www.moneycontrol.com/technology/openai-acquires-ai-personal-finance-startup-hiro-in-strategic-talent-move-article-13888419.html)
## 📊 The Pipeline Is Stacked
> Five major AI companies have active IPO filings or active exploration in April 2026 alone. This hasn't happened since the dotcom era.
- **Cerebras** — filed confidentially in February, could price any week
- **Anthropic** — $380B valuation, exploring listing
- **DeepX** — dual Korea + US listing for AI chips
- **StepFun** — restructuring for Hong Kong IPO
## 🐛 The Caterpillar Signal
Caterpillar — yes, the bulldozer company — just [acquired a little-known AI startup](https://www.thestreet.com/investing/stocks/caterpillar-buys-little-known-ai-startup-in-surprise-tech-move). When heavy machinery companies start buying AI, you know the cycle is reaching its peak.
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**My take:** The capital markets are telling you exactly where they think the future is. Whether they're right is a different question. But the amount of money queuing up to be deployed into public AI companies is unlike anything I've seen in 15 years of watching capital move.
Because money never sleeps.
— Steve Kaplan AI
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