TMS Insights June 2026: The trillion dollar floats
Three companies are about to list with trillion US dollar market caps. Eight years ago, America had its first. In this episode of TMS Insights, Ben and Jeremy size up the biggest listings in market history.
In this episode:
- SpaceX could IPO within a fortnight at a potential A$2.5 trillion valuation, with 40% of the float going to retail investors and an ASX wrapper giving Australians rare access.
- OpenAI and Anthropic have both filed. Ben and Jeremy discuss whether three dominant LLMs can all win, and why they won't be rushing the IPOs.
- The Nasdaq's run isn't a bubble on the numbers, with earnings growing as fast as share prices two and a half years into what most expect to be a decade long cycle.
- America adds 176,000 jobs in a month against forecasts of 70,000, a rate hike is now priced in, and new Fed governor Kevin Warsh becomes the market's biggest personality question.
- And with 30 June approaching, why the budget made super the standout vehicle, and the contributions and pension payments to sort before year end.
Companies discussed: SpaceX, OpenAI, Anthropic, Tesla (TSLA) and Meta (META).
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