OpenAI, Anthropic, SpaceX IPO: Mega issues eye Rs 345 lakh crore fundraise; what will be left India & EMs 

SpaceX’s initial public offering (IPO) is reported to have drawn demand for more than four times the shares on offer as the Elon Musk-led rocket, satellite and artificial intelligence company nears the close of its order book. The company will finalize the IPO price later today and the stock is set to make its debut on Nasdaq on Friday, June 12. 

The company is offering 555.6 million shares at a fixed price of $135 each, which would raise about $75 billion and value SpaceX at about $1.75 trillion. If completed on those terms, the deal would be the biggest IPO on record, ahead of Saudi Aramco’s $29.4 billion debut in 2019, Bloomberg reported.

It is also expected to generate billions of dollars in profits for early investors and set the tone for other large technology listings. Not only SpaceX, other tech giants like OpenAI and Anthropic are also in the pipeline to launch the gigantic IPOs. However, the mega fundraise in the US may soak in the billions of dollars, which otherwise, would have been routed to emerging markets like India.

A listing wave led by SpaceX, Anthropic, and other marquee US companies could create short-term allocation pressure and episodic FPI outflows from India, said Vishad Turakhia, CEO, Equirus Securities but noted that it is unlikely by itself to trigger a major liquidity crunch. The US interest rates, the dollar, and India's earnings growth will remain far more important determinants of foreign flows. 

"For India-focused investors, the more relevant question is whether India's earnings growth premium remains large enough to justify current valuations. If that premium narrows while global investors are being offered rare opportunities such as SpaceX or Anthropic, FPI allocations could become more selective and India may see periods of underperformance despite strong domestic liquidity," Turakhia adds.

While other emerging markets may have seen some inflows, overseas investors have been a net seller of India equities. In 2026, FPIs have sold Rs 2.85 lakh crore worth of Indian equities, with Rs 60,270 crore offloaded in June alone so far. The month has not crossed the halfway mark yet. 

The numbers are genuinely big with SpaceX lists tomorrow at around a $1.75 trillion valuation, raising about $75 billion, the largest IPO ever. Put Anthropic and OpenAI behind it and you've got close to $200 billion of new listings coming to the US market in one stretch. Goldman thinks 2026 US IPO proceeds could cross $160 billion, past the 2021 record, said Viram Shah, Co-founder & CEO at Vested Finance.

A lot of money will move toward these names, but it's mostly money reshuffling inside global portfolios, not cash leaving the system and 'crunch' is unlikely. More competition for the same global allocation, and right now the US is winning a big share of it, he said.

Shah said that FIIs have been sellers of Indian equities for long led by the US interest rates, a strong dollar, weakness in the rupee and rise in crude oil prices. "FII ownership is now at a two-decade low — it's actually fallen below domestic institutions for the first time. That's a real change in who drives this market," he noted. 

On the other hand, SpaceX already oversubscribed, with multiple institutional investors looking to buy $10 billion or more of the company’s shares. The offering is also being watched as a test for the broader IPO market. OpenAI, whose AI models compete with those from SpaceX’s xAI business, filed confidentially for a listing on Monday, after Anthropic PBC did so last week. 

Together, the three companies could add $3.6 trillion in market value to US exchanges, according to Bloomberg calculations. Wall Street is debating whether there will be enough demand to absorb such a large supply of new equity without drawing money away from the technology giants that have led market gains for years.

The concern around mega IPOs absorbing global risk capital is legitimate, but it is a near-term liquidity event rather than a structural EM-equity rotation. SpaceX and Anthropic, if priced as expected, would represent the largest absorption of global growth capital in nearly a decade, said Harshal Dasani, Business Head at INVasset PMS.

"Global investors are not pivoting away from emerging markets; they are temporarily redeploying into a once-in-a-cycle subscription opportunity. The recycling of post-IPO proceeds, alongside the regular global liquidity backdrop, typically restores EM flows within two to three quarters. India's buffer against the FII exodus narrative has been the domestic flow base, he said.