JD Moriarty

SpaceX’s IPO Shows Public Markets Can Absorb Megadeals

Bank of America’s JD Moriarty argues that public markets can absorb large technology IPOs from companies such as OpenAI and Anthropic, pointing to investor demand for SpaceX as evidence. He says abundant private capital and investors’ familiarity with these companies have changed the traditional IPO playbook, but cautions that their scale makes them poor proxies for the wider market, where activity remains concentrated in a few large deals.