Wall Street is entering one of the most consequential tests of investor appetite in modern market history, with Goldman Sachs CEO David Solomon arguing that capital markets remain strong enough to absorb a coming flood of fundraising from artificial intelligence giants such as OpenAI, Anthropic, and SpaceX.

Speaking to CNBC on Tuesday, Solomon delivered a blunt assessment of investor sentiment: fear has largely given way to optimism, and in many cases, outright exuberance.

“There’s plenty of liquidity in the system if the world continues to remain as optimistic,” Solomon said. “We are definitely in a moment where there’s more greed than there is fear.”

Global financial markets stand on the verge of a fundraising cycle unlike anything seen during previous technology booms. OpenAI, Anthropic, and SpaceX are all expected to seek public listings at valuations measured not in billions but in trillions of dollars. At the same time, technology companies across the AI ecosystem are raising enormous sums to finance data centers, semiconductor production, cloud infrastructure, and power-hungry computing clusters.

The result is a capital demand surge that is reshaping Wall Street.

Unlike previous technology cycles, where investors primarily financed software businesses with relatively light capital requirements, the AI era is increasingly defined by infrastructure spending. Building and operating frontier AI models requires vast investments in advanced chips, networking equipment, energy generation, cooling systems, and hyperscale data centers.

That shift is creating a new investment landscape where companies are seeking funding on a scale more commonly associated with sovereign infrastructure projects than technology startups.

Solomon suggested that investors remain willing to finance those ambitions.

“The stock is trading very well,” he said, referring to Alphabet’s recent multibillion-dollar equity raise. “This is the first actual concrete data point for bringing something of this scale, and it’s encouraging.”

Across Wall Street, there is a growing consensus that the AI investment cycle remains in its early stages despite the enormous gains already recorded in technology stocks.

The optimism is being reinforced by strong equity markets. Major U.S. stock indexes continue to trade near record highs, while AI-linked companies have accounted for a disproportionate share of market gains. Investors have rewarded firms seen as beneficiaries of the AI boom, from semiconductor manufacturers and cloud providers to software companies building AI-enabled applications.

For investment banks, the environment represents a potentially historic opportunity. Goldman Sachs, along with other major underwriters, stands to benefit from a wave of initial public offerings, follow-on offerings, and debt issuances that could collectively reach hundreds of billions of dollars over the coming years. The firm is already involved in several large AI-related transactions, including infrastructure financing deals tied to the industry’s expansion.

Solomon argued that companies would be wise to capitalize on the favorable conditions while they last.

“When capital’s available, if you’re capital consumptive and it’s available, take the capital,” he said.

Although valuations have soared, most leading AI developers continue to consume enormous amounts of capital. Training sophisticated models requires access to tens of thousands of advanced chips and ever-growing computing resources.

Industry leaders have acknowledged that future generations of AI systems may require investments measured in hundreds of billions of dollars. That has created a race among companies to secure financing before market conditions become less favorable.

Yet Solomon’s confidence is not universally shared.

Some investors have begun drawing parallels between the current enthusiasm surrounding artificial intelligence and previous periods of market excess, including the dot-com boom. Some believe that valuations assigned to some AI companies have moved far ahead of current revenues and profitability.

Recent skepticism from investors such as Michael Burry has highlighted concerns that the market may be overestimating the long-term economic returns from AI infrastructure spending. Questions also persist about whether the extraordinary levels of capital expenditure currently underway can generate sufficient returns to justify today’s valuations.

Still, Solomon suggested that record levels of global wealth provide a substantial cushion.

The amount of capital available for investment worldwide has expanded dramatically over the past decade, supported by growth in pension assets, sovereign wealth funds, private equity, private credit, and retail investment flows. In that environment, the market’s capacity to absorb large offerings may be greater than many observers assume.

He also pointed to what could become a self-reinforcing economic cycle. Successful AI companies generate wealth for founders, employees, and investors, who then recycle portions of those gains into taxes, new businesses, and additional investments. That process could create fresh pools of capital that support further innovation and fundraising.

Nevertheless, Solomon acknowledged the inherent fragility of market sentiment.

“Greed can turn into fear very quickly, but that doesn’t mean it will,” he said.

The statement captures the central debate confronting investors today. Markets are betting that artificial intelligence will transform the global economy and generate returns large enough to justify unprecedented levels of spending and valuation.

For now, the momentum remains firmly on the side of optimism. Equity markets continue to reward AI-linked companies, investors are supplying capital at extraordinary levels, and bankers are preparing for a pipeline of deals that could redefine the scale of technology finance.

In a highly unusual move that underscores Elon Musk’s willingness to rewrite the traditional IPO playbook, SpaceX is planning to price its shares at a fixed $135 each, aiming to raise a record $75 billion and achieve a $1.75 trillion valuation, according to sources cited by Reuters.

The rocket and satellite company intends to sell 555.6 million shares in what would be one of the largest public offerings in history. The roadshow begins on Thursday, with the debut tentatively scheduled for June 12 on the Nasdaq under the ticker “SPCX”. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are leading the underwriting syndicate.

Unlike conventional IPOs, where companies set a price range and adjust based on investor feedback during bookbuilding, SpaceX is taking a “take-it-or-leave-it” approach. This fixed-price strategy reflects Musk’s confidence in strong demand and the company’s unique position in the market.

“Musk is simply taking a ‘take-it-or-leave-it’ approach which works for his followers and is also sensible given the market conditions and the lack of comparables,” Weiheng Chen, a senior partner at Wilson Sonsini, noted.

Breaking Tradition on Multiple Fronts

SpaceX is deviating from norms in several other ways. The offering is structured as all-primary, meaning all proceeds go directly to the company rather than allowing existing shareholders to sell shares. Musk himself will face a 366-day lock-up period on his holdings, signaling a long-term commitment to investors. The company is also planning to allocate up to 30% of the shares to retail investors — an unusually large portion designed to tap into Musk’s dedicated following.

Proceeds will fund expansion of AI computing resources and the Starlink satellite constellation, two areas central to Musk’s vision of building an interconnected future that spans Earth and beyond.

At a $1.75 trillion valuation, SpaceX would trade at approximately 93.7 times its 2025 revenue of $18.67 billion. This is rich even by high-growth tech standards. For comparison, Rocket Lab trades at around 118 times revenue, Palantir at 81 times, and Tesla at roughly 17 times.

Morningstar recently valued SpaceX at $780 billion, well below its current private-market valuation, with most of the value attributed to the profitable Starlink business. The company’s broader pitch to investors, however, rests heavily on futuristic bets: Mars colonization missions, space-based AI data centers powered by solar energy, and other technologies that do not yet exist at commercial scale.

SpaceX has tied a significant portion of its growth narrative to a potential $28.5 trillion addressable market in these emerging areas.

Financially, the picture is mixed. Starlink remains the clear cash cow, driving most revenue, profits, and growth. However, the launch services and other segments continue to burn cash. In the first quarter, revenue rose to $4.69 billion from $4.07 billion a year earlier, but losses widened. For the full year 2025, SpaceX swung to a net loss of $4.94 billion from a profit the prior year.

The governance structure is designed to preserve Musk’s control.

As with Tesla, SpaceX is implementing a dual-class share structure that will concentrate voting power in the hands of Musk and a small group of insiders. While this ensures strategic continuity, it may give some institutional investors pause regarding corporate governance and long-term accountability.

A Catalyst for the Next Wave of Mega IPOs

SpaceX’s listing is expected to kick off a wave of massive public debuts. Together with anticipated IPOs from OpenAI and Anthropic, these three companies alone could add nearly $4 trillion in market capitalization to public markets, intensifying competition for investor capital in an already crowded tech sector.

The offering comes after years of subdued large-cap IPO activity. Strong demand is widely anticipated, fueled by Musk’s track record and retail enthusiasm, but execution risks remain high. Two of SpaceX’s three main businesses are still unprofitable, and much of the valuation depends on unproven future technologies.

Still, business leaders don’t seem to be backing out.

“When you’re the most anticipated IPO ever, you can ask investors to adapt to your process rather than the other way around,” former Bank of America executive Craig Coben observed.

Increasingly, analysts are seeing SpaceX’s bold approach, fixed pricing, heavy retail allocation, and strong founder control as a reflection of Musk’s signature style: high conviction, minimal compromise, and a long-term horizon that extends far beyond traditional Wall Street timelines.