> These three companies can do great while their valuations go nowhere.
How? They're building out on debt. The investors need to offload at a profit otherwise the company can't sell more shares to acquire the cash needed (share price too low).
Sure, it's possible that a recent IPO does poorly but the company soldiers on regardless, but it's not likely.
> They're building out on debt
SpaceX sort of is. OpenAI almost certainly is. Anthropic doesn't appear to be.