Wall Street might really be shaken this time. The three super unicorns—SpaceX, OpenAI, and Anthropic—are almost simultaneously entering IPO countdowns, with a single funding round capable of absorbing the total of 200 IPOs across the US in 2025. This is not an exaggeration.

SpeakX's latest valuation approaches $800 billion, and once listed, it will directly rewrite IPO records. OpenAI is currently valued at $500 billion and is still negotiating for higher funding goals; going public is no longer a question of if, but when. Anthropic is not idle either, with its valuation rapidly approaching $300 billion, and preparations for listing have already begun.

This is not an ordinary tech company IPO event. It is a one-time release of the valuation, computing power, data, and entire narrative framework accumulated in the private market over the years, crashing into the secondary market all at once.

For investment banks? A super cycle of underwriting fees. For the market? The starting point of liquidity re-pricing. For investors? The future direction of US stocks may shift from macro-driven to pricing power-driven by these super platforms. A single company can "drain" the entire year's IPO liquidity—what does this concept mean?

The real risk is not whether these companies will go public, but if they do so in a concentrated manner, whether the market can still absorb it.