Investor Michael Burry said the upcoming initial public offerings of SpaceX, Anthropic, and OpenAI could collectively raise as much capital, adjusted for inflation, as the more than 300 internet and TMT IPOs launched during the dot-com era around 2000. The warning comes as investor enthusiasm surrounding artificial intelligence continues driving record valuations across private and public technology markets.
Burry suggested the scale of capital flowing into AI-related companies increasingly resembles speculative conditions seen during the late-stage internet boom. The anticipated IPOs of OpenAI, Anthropic, and SpaceX are expected to rank among the largest public listings in market history as investors aggressively pursue exposure to AI infrastructure and next-generation technology platforms.
Analysts said comparisons to the dot-com era highlight growing concerns over elevated valuations, concentrated market leadership, and long-term sustainability of current AI-driven equity momentum.
