In the coming months, domestic companies like Changxin Memory, Yangtze Memory, Unitree, and HyperFusion are going for IPOs, raising tens of billions to hundreds of billions. That’s some serious liquidity pressure. Overseas, it’s even wilder—SpaceX is raising $75 billion, and OpenAI and Anthropic are both in the hundreds of billions. Tech is going crazy, the era of mega IPOs is back.