Artificial intelligence may well revolutionise global business, but the companies at the vanguard of it are about to get a lesson in the most rudimentary concept in economics: supply and demand.
OpenAI, the company behind ChatGPT, this morning (AEST) officially joined the IPO stampede that is enveloping Wall Street, confirming it had confidentially filed paperwork with US regulators allowing it to proceed with a public listing. It cautioned that “it may be a while” before it actually begins the IPO process “because there are things we want to do that are likely easier as a private company”.
But the clock is now ticking.
ChatGPT’s chief rival and the company behind Claude, Anthropic, took similar steps recently, while as we discussed in this newsletter last week, Elon Musk’s SpaceX has already begun its record-breaking USD75 billion ($106.3 billion) IPO, a capital raising effort that even extends to Australian retail investors who will be able to buy in via CommSec.
It’s no surprise Musk is pulling out all the stops — the sheer amount of money that needs to be raised is extraordinary, and it doesn’t just extend to these three IPO candidates.
