Confusion regarding IPOs, Stock market and valuations.

A lot of the AI companies and SpaceX are coming into the market with insane valuations and IPOs. Space X is being valued i read at 1.75 T. Alphabet(google) is raising capital and we have Anthropic and OpenAI which would be hundreds of billions of dollars as well. IMO, that capital can only really come from two places: New capital entering the market Capital rotating out of existing stocks First one is tough. Inflation is still a major issue in a lot of countries, unemployment seems to be rising,