SpaceX, Alphabet Fundraisings Test Equity Demand as IPOs Loom

US equity markets are digesting an unprecedented wave of new share issuance, raising questions about investor capacity to absorb supply without pressuring broader valuations, according to global fund flows tracker EPFR.

Alphabet Inc.’s capital raise and SpaceX’s record initial public offering in rapid succession could force investors to reallocate capital and reduce the pool of cash available for existing equities, EPFR analysts including Winston Chua wrote in a June 10 note. With more mega IPOs in the pipeline, that market liquidity could tighten, the team said.

“With potential offerings from OpenAI and Anthropic looming, competition for investment dollars ...