SpaceX, OpenAI, and Anthropic IPOs could shift investor capital away from Nvidia despite boosting demand for its hardware.

SpaceX has filed its S-1 with the SEC and aims for a $2 trillion IPO and fast-track entry into NASDAQ indices. OpenAI and Anthropic have not disclosed imminent timelines for public listings.

The three companies collectively command valuations stretching into the hundreds of billions of dollars. Rather than investing in infrastructure suppliers like Nvidia, investors may gain direct access to the AI application layer (companies building AI models, products, and platforms).

SpaceX, OpenAI, and Anthropic do not compete with Nvidia for customers, but could eventually compete for investor capital. Fund managers have limited portfolio space, so capital flowing to newly public AI application companies may reduce allocation to today's AI infrastructure winners.