The frontier labs are converting private, vendor-financed valuations into public currency — SpaceX (listed 06-12 at a $1.77T IPO valuation, the largest US debut ever) is the live test, trading at all-time lows ~15% below issue; Anthropic reportedly filed confidentially (~$965B, thin); OpenAI's timing chatter continued. The meta-question: what does the public market actually pay for an AI story, and who lists first at what haircut. (Moonshot's HKEX push stays under china-stack-independence.)
