（Singapore, 15.06.2026）For much of the past two decades, the US stock market has been defined by a shrinking supply of shares.
Companies spent trillions of dollars buying back their own stock, while many high-growth firms chose to remain private for longer. As a result, investors had fewer opportunities to buy into some of the world’s most valuable companies.
That trend is now reversing, as a new wave of stock offerings led by artificial intelligence (AI) companies is expected to inject trillions of dollars of fresh equity into the market, potentially marking the largest expansion in stock supply since the dot-com era.
According to estimates from JPMorgan, initial public offerings (IPOs), secondary share sales and other equity fundraising activities could add about US$1.5 trillion (S$1.92 trillion) worth of stock to US markets over the next two years, even after accounting for corporate share buybacks.
The shift is being driven largely by the enormous funding needs of the AI industry, as companies race to build data centres, purchase advanced chips and expand computing infrastructure.
SpaceX Opens the Floodgates
The turning point came last week when SpaceX completed what has been described as the largest IPO in history.
The Elon Musk-led company raised US$75 billion (S$96 billion) through its stock market debut, with shares surging 19% on the first day of trading.
The successful launch has boosted confidence across Wall Street and created momentum for other highly anticipated listings. OpenAI and Anthropic are widely expected to follow with major IPOs in the coming months.
The smooth debut also eased concerns among investors and market operators who remembered Facebook’s troubled IPO in 2012, when technical problems disrupted trading and caused significant losses.
This time, trading systems performed smoothly despite exceptionally high demand.
According to market participants, SpaceX generated record retail investor activity, with trading platforms processing millions of buy and sell orders during its first day on the market.
The success is already being viewed as a new blueprint for handling future mega IPOs.
Beyond the AI start-ups, established technology giants are also turning into equity markets for funding.
Companies such as Alphabet, Meta and Oracle are investing heavily in AI-related infrastructure and are raising fresh capital to support those plans.
Analysts say the scale of spending required for AI development is so large that relying solely on profits and debt financing may no longer be enough.
Many firms first used cash reserves and borrowed heavily to fund AI projects. Now, equity fundraising is increasingly becoming part of the financing strategy.
A New Challenge for Investors
Yet the growing pipeline of IPOs and secondary share sales is creating a new dynamic for investors, as Wall Street prepares for its largest increase in stock supply in decades.
So far in 2026, around 160 companies have announced plans to raise more than US$120 billion (S$154 billion) through IPOs, already exceeding the combined total of the previous two years. Including additional fundraising by listed companies, total new stock issuance has surpassed US$360 billion (S$461 billion).
Market strategists note that for years, corporate buybacks acted as a major support for stock prices by reducing the number of shares available in the market. The new trend could have the opposite effect.
Some investors worry that the flood of new stock could absorb money that would otherwise flow into existing shares.
The concern is particularly relevant for AI companies, many of which continue to burn large amounts of cash while pursuing ambitious growth plans.
SpaceX, OpenAI and Anthropic alone could potentially raise more than US$170 billion (S$218 billion) from public investors, according to market estimates.
Adding to the challenge, these companies are expected to release only a small portion of their shares during their initial listings. As lock-up periods expire and more shares become available for trading, additional supply could enter the market.
Some analysts caution that large IPO waves have historically been followed by weaker market performance. Studies of past IPO cycles suggest stock market gains often slow after major listings absorb investor capital.
However, others argue that the impact may be limited if corporate earnings remain strong and investor demand stays healthy.
AI Spending Reshapes Capital Markets
The current fundraising wave reflects a broader shift taking place across corporate America.
For years, companies relied heavily on debt markets because borrowing was often cheaper than issuing new shares. However, higher interest rates have increased financing costs, making equity fundraising a more attractive option.
At the same time, stock valuations remain near historic highs, allowing companies to raise substantial amounts of capital while giving up a relatively smaller stake in their businesses. Analysts say this combination has created favorable conditions for firms to return to public markets.
The trend is also being supported by strong investor demand. Many of today’s most sought-after technology companies spent years raising capital privately as their valuations soared, leaving public investors with limited access to their growth.
As companies such as SpaceX, OpenAI and Anthropic prepare to enter public markets, investors are keen to gain exposure to businesses at the forefront of artificial intelligence and next-generation technologies. Supporting this demand is the growing presence of retail investors, who now account for about one-fifth of US stock trading volume, nearly double the level recorded in 2010.
The strong appetite for high-profile technology stocks has helped revive the IPO market. While analysts expect competition for investor capital to intensify as more AI companies seek funding, market sentiment remains broadly supportive. For now, Wall Street appears willing to back a new era of equity fundraising, driven by the massive investment demands of the AI revolution.
