AI IPO Pipeline Heats Up: SpaceX, Anthropic, Cerebras; M&A Reset Underway

AI-concentrated IPO pipeline is accelerating: SpaceX targeting June 2026 mega-IPO with $75B raise at $1.25T valuation, Anthropic filing, Cerebras blockbuster IPO. Mid-year M&A reset shows AI driving deal dynamics, with mid-market deals diverging from large-cap. Sponsor activity and public market discipline are key themes. Lock-up expirations and post-listing performance will be watched for risk appetite signals.