SpaceX’s $1.8T IPO & OpenAI’s Secret Filing: Why AI’s Next Winners Aren’t What You Think

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By: Oliver Hawthorne

The AI investment cycle is hitting a turning point. For months, chips and infrastructure were the only games in town. Now, investors are wondering if the next big wins will come from the tools that actually use AI—not just build it.

SpaceX completed the largest IPO in history, raising $75 billion at a valuation near $1.8 trillion. OpenAI has reportedly filed confidentially for an IPO, giving investors direct AI exposure. AI infrastructure stocks continue to lead the market as cloud spending stays strong. Software stocks like Snowflake, Datadog, and MongoDB are being tipped as next-wave AI winners. Nvidia remains the dominant AI chip maker, with new products reportedly targeting China.

Here’s the commercial loop: enterprises first spend on infrastructure to build AI systems. Then they shift to software to deploy and use those systems. If that shift happens, software companies will outperform. OpenAI’s IPO could pull investment dollars away from AI infrastructure providers. The end-game? A market where Nvidia holds the hardware crown, but software firms capture the lion’s share of AI’s revenue growth.

Author bio: Oliver Hawthorne, Principal Correspondent at an international tech review, covering AI and space industry trends.