Are We Watching the Biggest IPO Bubble Since the Dot-Com Era?

When private companies are discussing valuations measured in hundreds of billions or even trillions of dollars before going public, it becomes difficult not to ask whether markets are entering a new speculative phase. SpaceX, OpenAI, Anthropic, Databricks, Stripe, and several other private giants are collectively worth amounts that would have seemed impossible just a few years ago. Supporters argue that these businesses are creating entirely new industries and deserve premium valuations because