PUBLIC INVESTORS MISSED AI BOOM, SAYS BAILLIE GIFFORD

The high-valuation companies poised to go public in coming months represent later-stage investments after substantial value creation has already occurred in private markets. Singlehurst's comments highlight a persistent gap between private and public market participation in transformative technology sectors. Early-stage AI companies have generated outsized returns for private investors and venture capital firms before reaching public markets. The upcoming IPOs from OpenAI, Anthropic, and SpaceX signal growing investor appetite for exposure to AI and space technology. However, these companies will enter public markets at valuations reflecting years of private funding rounds and operational milestones. This dynamic reflects broader market trends where institutional and individual public investors increasingly access growth opportunities after private markets have already captured early gains. The timing of public debuts often aligns with maturation rather than inception of major technology waves.