Synopsis: The Anthropic IPO, OpenAI and SpaceX are attracting attention across global markets. While investors are focused on the opportunities these companies may create, there is another question that few are asking. What could these mega listings mean for Indian equities?
The next risk for Indian equities may not come from crude oil, interest rates or earnings. It may come from the US IPO market. The upcoming Anthropic IPO, along with listings from OpenAI and SpaceX, could create some of the largest investment opportunities global markets have seen in years.
These companies sit at the centre of artificial intelligence, coding automation, cloud computing and space infrastructure. For Indian investors, the question is not whether these companies are good or bad. The real question is whether they can change where global money goes.
A New Magnet For Global Capital
Reuters has reported that OpenAI is targeting a valuation of up to USD 1 trillion, while Anthropic recently moved towards an IPO after raising money at a post-money valuation of USD 965 billion. SpaceX, which completed its record-breaking IPO on June 12 at USD 135 per share, was valued at approximately USD 1.77 trillion at pricing and nearly USD 2 trillion following its market debut. Together, these companies could add trillions of dollars of new investable market value to US equities.
That matters because global funds do not have unlimited capital. If a large technology company enters the listed market at a trillion-dollar valuation, growth funds, passive funds and long-only institutions may be forced to allocate money to it. Some of that money could come from emerging markets, including India.
Why India Could Feel The Pressure
India has already seen pressure from foreign selling. Reuters reported that foreign investors had pulled more than USD 20 billion from Indian equities in the first four months of 2026. Another Reuters report said outflows were around USD 30 billion this year as of June, while the Nifty 50 and Sensex were down sharply earlier in 2026.
Domestic money has helped absorb some of this selling. AMFI data showed SIP collections of Rs. 30,954 crore in May 2026. Many market participants argue that steady SIP inflows have effectively provided liquidity for foreign investors to reduce their exposure without causing a sharp market correction. This is one reason Indian markets have remained relatively resilient despite heavy foreign outflows.
However, the bigger concern is future capital flows. When investors get access to OpenAI, Anthropic and SpaceX, a larger share of global money could move towards these opportunities instead of emerging markets like India.
The Indian IT Problem
The bigger direct risk is for Indian IT stocks. Companies like TCS, Infosys, Wipro and HCLTech earn revenue by providing technology services to global clients. Meanwhile, OpenAI and Anthropic are building AI systems that can write code, automate workflows and reduce the need for certain types of software work.
At the same time, these companies are expected to raise billions of dollars through funding rounds and potential IPOs, giving them significantly more capital to invest in computing infrastructure, talent, research and product development. This could further accelerate their growth and strengthen their competitive position.
This does not mean Indian IT companies will disappear. However, it could change how investors value them. If AI platform companies continue growing at a much faster pace while Indian IT companies grow in single digits or low double digits, the market may start assigning higher valuations to the companies building and owning AI platforms rather than those primarily providing technology services.
Not A Market Crash Story
Still, this should not be seen as an immediate crash trigger for India. Strong SIP inflows, rising retail participation and long-term opportunities in banking, infrastructure, defence, manufacturing and consumption continue to support the market.
When global investors get access to companies such as OpenAI, Anthropic and SpaceX, and some of that capital starts shifting towards these opportunities, India may not see a meaningful return of foreign flows as quickly as many expect.
Another challenge is that India currently does not have a global-scale AI platform company that can directly compete with firms such as OpenAI or Anthropic. While India is positioning itself as an AI infrastructure, services and manufacturing hub, much of the value creation in AI software, foundation models and intellectual property remains concentrated in the United States. This could make global technology investors look more favourably towards US-listed AI leaders.
The real issue is relative attractiveness. Following the post-pandemic bull market, Indian equities witnessed a significant re-rating, with valuations rising much faster than earnings in several segments of the market. If some of the world’s most exciting AI and technology companies become publicly listed, global investors may start comparing those opportunities with Indian equities more closely.
In that scenario, Indian markets may need a period of earnings growth, consolidation or correction before valuations become attractive enough to draw large foreign inflows back again.
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