SpaceX at $1.77T. Anthropic near $965B. OpenAI targeting $1T. Three filings just warped the entire listing market, including for healthcare.
80% of global VC went to AI in Q1 2026. Four names took $188B of a record $300B quarter. Every healthcare company was fighting over the scraps.
A trillion-dollar IPO does not compete with a $1B health tech float. It makes a $1B float invisible to generalist investors, for better or worse.
The real signal is not the IPO calendar. If late-stage private rounds clear at flat-to-up valuations, the listing window is opening. Confidence flows backward.
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