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Equities Strategy Insight

IP-Oh No! The Issuance Wave Is Muting Multiples

Published on

The IPO wave has arrived, dominated by SpaceX’s massive listing. Aftermarket performance has been weak, and elevated issuance is weighing on S&P 500 multiples, although some pressure is already priced. SpaceX remains only partly digested, while Anthropic and OpenAI will bring further supply and greater business model scrutiny.

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