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Nvidia has been one of the biggest winners of the AI boom, but the market may soon enter a new phase.
With the potential IPO launches of companies like SpaceX and OpenAI, global capital could begin rotating toward the next generation of “once-in-a-decade” listings. These are not just normal IPOs — they are trillion-dollar narratives tied to AI, infrastructure, robotics, space technology, and future computing.
For the past two years, Nvidia has been the primary gateway for investors wanting exposure to AI. Every major AI company needed Nvidia chips, which pushed Nvidia into becoming one of the most valuable companies in the world. But once companies like OpenAI and SpaceX become publicly tradable, investors may no longer need indirect exposure through Nvidia alone.
A large amount of ETF and institutional money could shift toward these mega IPOs simply because index funds, growth funds, and thematic AI funds may be forced to allocate capital into them after listing. The scale of these upcoming IPOs could potentially reshape market flows for the next few years.
That does not necessarily mean Nvidia becomes a bad company. In fact, Nvidia is still deeply tied to the AI ecosystem and continues investing aggressively into AI startups and infrastructure. Reports show Nvidia has poured billions into AI-related investments, including companies connected to OpenAI and xAI.
However, the question for investors now may not be whether Nvidia is a great company — but whether the stock can continue absorbing endless capital at the same pace once new AI giants enter the public market.
The AI trade is evolving. First came the infrastructure phase led by Nvidia. Next may come the platform and application phase, where companies like OpenAI, SpaceX/xAI, and other AI ecosystems start competing directly for investor attention and institutional capital.
If these IPOs launch successfully, 2026 could become one of the biggest capital rotations the tech market has seen in years.
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