Investing.com — SpaceX, Anthropic, and OpenAI all entering public markets is unlikely to overwhelm investor appetite, according to Willy Lee, principal at SuRo Capital, who told Investing.com that private fundraising rounds suggest demand for these names could comfortably absorb offerings of $50 billion or more.
“I don’t think there will be any trouble absorbing a $75 billion SpaceX offering or offerings of $50 billion or more from Anthropic and OpenAI,” Lee said. “In many cases, those amounts are actually smaller than what these companies have already raised privately.”
Lee highlighted Google’s recent fundraise, which was initially discussed at $40 billion but ultimately closed closer to $85 billion, and OpenAI’s equity round, which closed in March at roughly $102 billion, as evidence that capital markets have the depth to accommodate large-scale AI listings.
With private markets having already absorbed nearly $200 billion across major AI companies, he argued a comparable public market appetite is a natural extension rather than a stretch.
Meanwhile, focusing on whether current AI valuations reflect bubble dynamics, Lee pushed back on the framing.
He noted that investors are actively seeking exposure across the AI ecosystem, from memory chipmakers to photonics and quantum computing companies, reflecting a broad conviction that demand is coming even where revenues have not yet fully materialized.
“Whether it’s Micron, Marvell, photonics companies, quantum computing companies, or businesses that have some relationship with Nvidia, investors are looking for where AI is going to be most disruptive and where the money is flowing,” he stated. “Some of these are great businesses, but they’re not necessarily producing all of that revenue today. Investors are still willing to fund them because they believe demand is coming.”
He added that OpenAI’s recently announced employee tender offer at its last round valuation would, if successful, serve as a meaningful validation that pricing remains supported.
SuRo participated in OpenAI’s $150 billion pre-money convertible round but did not end up investing in Anthropic or SpaceX, not for lack of interest but due to structural concerns around certain special purpose vehicles.
“Whether for compliance reasons or risk tolerance, we weren’t able to get comfortable with certain opportunities,” Lee said.
Whoop remains SuRo’s largest holding by value, driven largely by the appreciation on an early, low-valuation entry.
Canva and OpenAI also rank among its top positions, while the firm has also invested in Tensorwave and CoreWeave.
