Strategists say this year's surge in large-scale IPOs may signal a market peak, drawing comparisons to the dot-com bubble of the late 1990s.

　　SpaceX's highly anticipated IPO, confirmed in regulatory filings on Thursday, is expected to take place on June 12th and could become the largest IPO in history. Elon Musk's SpaceX aims for a $1.75 trillion valuation upon listing on Nasdaq.

　　Meanwhile, OpenAI and Anthropic also announced plans to go public later this year.

　　None of the three companies have yet achieved annual profitability, although Anthropic is expected to report its first-ever profit in its upcoming earnings report.

　　However, analysts believe that the inherent opacity of each company's business model has led some to urge investors intending to buy shares during the IPOs to exercise caution.

　　“I think this is the top of the market,” John Blank, chief equity strategist at Zacks, said on CNBC’s Squawk Box Europe on Thursday.

　　“Everyone knows the market peak is nearing its end, and these mega-IPOs are often the best proof of that. We saw something similar back in 1999, with everyone rushing to go public.”

　　High Expectations

　　SpaceX posted a net loss of $4.28 billion in its latest quarter and projects a loss of $4.94 billion by 2025.

　　Its Starlink business generated $3.26 billion in revenue in the most recent quarter, accounting for 69% of total revenue. Its space operations lost $619 million, while its artificial intelligence division lost $2.5 billion—meaning that its connectivity business is the only profitable business for the company.

　　Crucially, SpaceX wrote in its S-1 filing on Thursday that the company “has been operating at a net loss and may not be able to achieve profitability in the future.”

　　According to the document, SpaceX's value largely depends on its success in developing a variety of "novel and untested" technologies, and the company expects to "invest heavily in capital expenditures over several years" before its AI products and services become profitable.

　　AJ Bell's marketing director, Dan Cotsworth, stated that because SpaceX is a privately held company with Elon Musk holding 85% of the voting rights, "very little is known" about its financials. Cotsworth pointed out that SpaceX's inflated valuation could pose a risk of price increases.

　　He added, "A valuation of $1.75 trillion means SpaceX has a price-to-sales ratio of 67, three times that of Nvidia based on the previous fiscal year and its latest share price. This means SpaceX's valuation could be more expensive than a plate of mashed potatoes."

　　SpaceX sees OpenAI as a major competitor in the AI field, and Sam Altman's company plans to go public later in 2026.

　　However, OpenAI has yet to achieve profitability, leading some investors to question whether continuing down this path could have a broader impact on the stock market.

　　“If OpenAI and Anthropic can’t turn a profit, then the whole project will collapse,” William de Gale, portfolio manager at BlueBox Asset Management, told CNBC on Wednesday.

　　“OpenAI might decide to go public in a few months, which makes us realize it will never be profitable, and that could be its end,” he added.

　　“I’m not saying that’s the case, but it is certainly another possible, and faster, path to reaching growth bottlenecks.”

　　Deutsche Bank also warned about transparency issues in a report released on Thursday.

　　“Once OpenAI and its peers publicly release their financial statements for scrutiny and explain the still little-known economic principles behind their business models, it remains to be seen how the public markets will value them,” wrote Adrian Cox, thematic research strategist at Deutsche Bank.

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