AI startups are igniting a capital market supercycle, reshaping IPO pipelines and challenging incumbents with unprecedented funding.

Evidence For

• SpaceX launched a record-breaking IPO in June, proving that even pre-profit tech darlings can command massive public appetite.
• Anthropic and OpenAI have both filed to go public, signaling that the AI-focused venture pipeline is maturing into liquid assets.
• Chipmaking startup Source Foundry secured a **$400...