SPCX Files, NVDA Beats, and OpenAI Is Coming for Your Portfolio — The $4 Trillion IPO Wave Is Real

$NVDA reported Q1 earnings with $91 billion Q2 guidance — beating the analyst consensus of $87B but missing the whisper numbers circling up to $96B. The stock dropped ~2.6% after hours, which feels exactly like getting a standing ovation and complaining it wasn't loud enough. Jensen Huang called his stock's underperformance "one of the mysteries of the universe," announced an $80 billion buyback, and jacked the quarterly dividend from $0.01 to $0.25. China revenue? Baked in at zero. Huang's words: "expect nothing." YouTube and Reddit are split — bulls point to Anthropic scaling "very very quickly" and hyperscaler share gains; bears note Huawei had a record year filling the void NVDA left behind.

Meanwhile, $SPCX (SpaceX) dropped its public S-1 with 23 banks on the cover, Goldman leading, targeting a raise of up to $75 billion at a $2+ trillion valuation — potentially the largest IPO in US history. Fundstrat's crowd is flagging the Paul Tudor Jones 1999 parallel: massive IPOs plus $2 trillion in lockup expirations roughly 90 days post-listing. Tom Lee, ever the optimist, says $4 trillion in IPOs are coming and calls it opportunity. X is somewhere between euphoric and terrified, often in the same thread.

OpenAI is reportedly filing confidentially for a $1 trillion valuation IPO as soon as weeks away, Anthropic eyes October at $900B–$1T, and capital markets are already sweating the absorption math. If SpaceX, OpenAI, and Anthropic all list in the same window, the question isn't whether the trade is crowded — it's whether there's enough oxygen in the room for everyone to breathe.