Investor Meb Faber states that SpaceX's standalone IPO size will rank second in history, only behind Saudi Aramco when adjusted for inflation
Investor Meb Faber states that SpaceX's standalone IPO size will rank second in history, only behind Saudi Aramco when adjusted for inflation.
The combined IPO size of SpaceX, xAI, and x.com will exceed the total IPOs during the entire internet bubble period from 1995 to 2000, and will be at least half the value of all IPOs in the U.S. since World War II.
Source: Public information
ABAB AI Insight
Meb Faber has long tracked technology and macro asset allocation, and this comparison continues his observation of the potential public market impact of Musk's ecosystem companies. SpaceX, with stable cash flow from Starlink and technology validation from Starship, has become a key target for institutions and sovereign funds.
In terms of capital flow, the SpaceX IPO will release significant liquidity, attracting global pension funds, sovereign wealth funds, and retail investors to shift from traditional growth stocks to aerospace + AI infrastructure, accelerating resource concentration towards high-certainty technology platforms, while providing valuation anchors and refinancing examples for xAI and x.com.
Similar to the record IPO of Saudi Aramco in 2019 and the collective listings of internet companies from 1999-2000, the current super unicorns are in a transformation phase from long-term private equity holdings to large-scale public market exits.
Essentially, this represents capital concentration: the IPOs of a few super tech companies achieve a historic transfer of pricing power from private markets to public markets, driven by technological breakthroughs and visible cash flows that allow inflation-adjusted valuations to surpass all previous cycles, forcing global capital to concentrate heavily on a few high-barrier platforms.
ABAB News · Law of Cognition
When a company’s IPO can top half of the internet bubble, the era of capital has been rewritten. Looking at size after inflation adjustment reveals how large today’s technology platforms are. The real tide is never countless small boats, but a few super aircraft carriers consuming half a century's share.