It seems that our gate is also preparing for the upcoming major IPO unicorns in the second half of the global market.

Everyone wants a share of this capital feast, and in the second half, the two major unicorns, SpaceX and OpenAI, are both leading companies in the global tech race—one is the parent company of Starlink, the current space dominance star, and the other is the parent company of the large language model ChatGPT. Surprisingly, they also left a share for retail investors. Rumor has it that Musk is considering reserving SpaceX shares for Tesla shareholders.

But think carefully, from the perspective of ordinary retail investors, is such good news even within reach?

From the perspective of the IPO issuer, taking advantage of the good market to boost valuation—how can they trap more chives and more cash?

These two unicorn companies are IPOing with valuations approaching 2 trillion and 1 trillion USD, respectively, which actually reflects expectations of a bull market in the US stock market. If it were a bear market IPO, valuations would be at least halved, and OpenAI’s valuation has fallen even more sharply. The current bull market’s 850 billion USD is already very inflated!

But comparing the two, although OpenAI is very profitable and well-funded, relative to its losses, it’s just a cash black hole. Its computing infrastructure and global AI talent recruitment are astronomical. A few months ago, there was hype over sky-high salaries for Chinese-American AI geniuses. While it’s currently the leader in the large language model track, competitors include Musk’s Grok, Google, Facebook, and Amazon. Recently, a new player, Anthropic, suddenly emerged—created by a former team split from OpenAI, representing a Spring and Autumn period of competition.

In choosing the lesser of two evils, SpaceX is at least better. It now holds absolute dominance over Earth’s near-orbit space, with annual rocket launches accounting for 60-80% globally, and payload capacity reaching 70-90%, monopolizing the space industry. It also controls the Starlink communication network. To sum up in one sentence: it’s stepping on the Trisolarans and punching God, while space infrastructure is a major trend for the next 50 years. Human civilization is no longer limited to Earth alone; interstellar exploration requires space transportation.

The high valuations of these two companies’ future IPOs will also drain the trend of tech stocks in the US stock market.

Personally, I think most retail investors prefer SpaceX over OpenAI. Of course, one more thing to note is that if these two companies perform poorly after IPO, it could be a disaster—potentially causing a bubble burst in AI tech stocks.