BofA’s Moriarty: Markets Ready for OpenAI, Anthropic IPOs

Bank of America’s JD Moriarty believes public markets have the capacity to absorb massive potential IPOs from companies like OpenAI and Anthropic. He points to SpaceX’s listing as evidence of strong institutional and retail demand for transformational technology companies. According to Moriarty, the traditional IPO playbook has changed due to abundant private capital, which allows companies to stay private longer and scale before going public. Moriarty discusses how this shift affects the pipeline for tech listings next year. With private capital readily available, companies can afford to delay IPOs until they are more mature, but when they do list, the offerings could be enormous. He suggests that the market is prepared for these mega-deals, given the appetite for high-growth tech stories. The conversation also touches on what these potential IPOs mean for the broader tech ecosystem. If OpenAI and Anthropic go public, they could set new benchmarks for valuation and investor interest, further fueling the AI boom. Moriarty’s insights provide a roadmap for what to expect in the coming year.