The reality is that the large banks running these IPOs will know, to an extreme level of granularity, how much demand for the IPO there is at the chosen price point, and will advise accordingly.

None of the companies needs an IPO right now, with the possible exception of oAI — I haven’t looked at their financials recently. But SX is cashflow positive as of today, and Anthropic is able to become so without giving up much on their R&D program. So for those two, it’s a matter of timing.

Like a video game release schedule or a film release, SX has carved out a window and is going first, and regardless of messaging, all the teams are going to be watching it VERY VERY carefully. If it goes well, I’d expect Anthropic to jump next.

If that goes well, oAI would likely go right after. If it goes mid, oAI may wait to improve their financial story or fundraise private at worse valuations for a while, or, or, or.

Agreed that the dream for the next guys down the road is to pick up some recycled capital gains from sx and of course some new capital. If SX is a flop, then these IPO dreams will slow down for a minute.