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#AISuperIPOSeason AI may be approaching its biggest liquidity test yet. OpenAI has reportedly submitted a confidential S-1 draft to the SEC. SpaceX’s IPO attracted more than 2x investor demand. Perplexity is targeting a 2028 public listing. Anthropic is widely expected to follow. The AI IPO pipeline is no longer a future narrative. It’s becoming reality. Markets are celebrating for now. Cerebras surged 68% on its debut and added another 18% the following session. Investors continue to chase anything tied to AI infrastructure, compute, and large language models. But beneath the excitement, a growing concern is emerging. Every mega-IPO needs capital. If OpenAI, SpaceX, Anthropic, and other AI giants begin absorbing hundreds of billions of dollars in public market liquidity, where does that money come from? Arthur Hayes believes the answer could be painful. His argument is simple: massive AI listings may drain liquidity from speculative assets, inflate valuations beyond fundamentals, and ultimately trigger a broader AI bubble unwind. If that happens, crypto may not escape the fallout. This is why the next phase of the AI cycle matters. The question is no longer whether AI companies can go public. The question is whether markets have enough liquidity to absorb them all without breaking something else. AI IPO season could become the largest wealth creation event of the decade. Or the catalyst that exposes how crowded the trade has become. Smart money is watching closely. $AI $BTC $ETH @OKX Orbit @OKX星球 @OKX中文