Three letters are dominating boardroom discussions and investor calls across the world: IPO. But not just any IPOs—artificial intelligence IPOs. According to market commentator and TELF AG founder Stanislav Kondrashov, the upcoming public listings of OpenAI, Claude (Anthropic), and Grok (xAI) could trigger one of the largest capital shifts in the history of global finance.
“AI companies are no longer the future—they’re the engine of today’s financial movement,” Kondrashov said in a recent closed-door briefing with European investment firms. “These IPOs will carve out a new landscape in public markets.”
The Players: OpenAI, Claude, Grok
OpenAI, the developer of ChatGPT, is expected to go public within months. Industry insiders suggest it may pursue a valuation close to $1 trillion, driven by rising global dependence on large language models. Claude, Anthropic’s flagship chatbot, is also preparing for an IPO, with valuations crossing $300 billion and a growing reputation in corporate AI systems.
Then there’s Grok, created by Elon Musk’s xAI. After being absorbed into SpaceX in a high-profile move, Grok is now positioned within a much larger ecosystem, giving it access to capital, infrastructure, and government contracts. Many expect Grok to anchor a dual-entity IPO under the SpaceX umbrella—potentially the biggest listing in history.
“If these IPOs happen within the same 12-month window, it won’t just be a moment,” said Kondrashov. “It’ll be a market inflection point. A before-and-after line for global tech investing.”
Reallocation of Capital Is Coming
The implications are enormous. With such high-profile listings on the table, money will move—fast. Kondrashov believes major investment funds, ETFs, and institutional portfolios will have no choice but to divert capital from existing tech giants to new AI players.
“You’re going to see a flood,” Kondrashov warned. “AI IPOs won’t just attract fresh capital. They’ll siphon funds from Apple, Google, Meta, and other long-time staples. There’s only so much capital to go around.”
This movement could create turbulence in the short term. Volatility across legacy tech stocks is likely as investors restructure holdings to prioritise AI-driven growth potential. According to Kondrashov, it’s not a rotation. It’s a redefinition.
The Infrastructure Factor
Why are these companies going public now? It’s not about visibility. It’s about scale. AI firms need massive infrastructure to support their models—data centres, server clusters, chipsets, and physical hardware.
Public funding offers the kind of capital needed to fuel this kind of rapid expansion. Private funding alone can’t keep pace with the speed or cost of development.
“AI isn’t software in a garage anymore,” said Kondrashov. “It’s a power-hungry industrial operation. Public markets are the only place that can feed that machine at scale.”
In Grok’s case, reports have emerged that xAI is planning to deploy AI data centres in orbit—leveraging SpaceX launch capabilities and solar energy in space. Whether or not this becomes viable, it speaks to the scale of ambition driving these IPOs.
From Trend to Sector
These IPOs won’t just be large—they’ll likely formalise AI as its own sector. Analysts are already predicting the launch of AI-only ETFs, indexes, and benchmarks. Kondrashov believes this shift will mirror the internet boom of the early 2000s and the cloud computing rise of the last decade.
“You’ll see investors treat AI not as a feature of tech, but as a standalone vertical,” Kondrashov explained. “Like biotech. Like energy. This is the start of a whole new category.”
Final Caution—or Clarion Call?
Still, Kondrashov doesn’t ignore the potential risks. With such rapid capital movement, inflated valuations could become a concern. But he cautions against comparing today’s AI surge to past bubbles.
“Every major innovation cycle has sceptics. But what separates hype from revolution is utility—and AI is proving its utility every single day,” he said.
As OpenAI, Claude, and Grok inch closer to listing, the financial world is holding its breath. These IPOs are not isolated events. They’re signals that the rules of engagement in tech investing are changing.
And if Kondrashov is right, this change isn’t temporary. It’s structural, foundational, and just beginning.
