Short Sellers Question OpenAI and SpaceX Mega IPO Valuations Amid AI Skepticism

Key Facts

The warnings come as the tech sector faces a heated race toward public listings, with short sellers beginning to publicly question the lofty valuations of OpenAI, Anthropic, and SpaceX. According to reports, analysts argue that these companies are pricing in a future global AI economy that has not yet materialized in reality. These premium valuations rely heavily on the assumption of rapid expansion in emerging markets that may lack the infrastructure to support such growth projections.

In comparison to listed tech giants, Nvidia (NVDA) has experienced sharp volatility reflecting investor sensitivity toward the sustainability of the AI boom, with its market cap hitting record highs before entering correction phases per market data. Furthermore, recent Microsoft earnings reports indicate that capital expenditure on AI is growing faster than direct returns, reinforcing analyst concerns regarding a potential bubble in private valuations ahead of their IPOs.

Investors should monitor macroeconomic data that could influence risk appetite, as the US ISM Manufacturing PMI printed at 54 (as of June 1, 2026), signaling expansion that may support continued tech investment. Additionally, the market is awaiting Fed Kashkari’s speech on June 2, 2026, which could provide clues on financing costs that directly impact the valuations of growth companies and mega-startups.