It seems that our gate is also gearing up for the two major top-tier IPO unicorns in the global market in the second half of the year.

Everyone wants a share of this capital feast, and in the second half of the year, the two giants, SpaceX and OpenAI, are both leading companies in the global tech race—one is the parent company of Starlink, the current space orbital dominance star, and the other is the parent company of the large language model ChatGPT. Surprisingly, they also left a share for retail investors. Rumor has it that Musk has considered reserving SpaceX shares for Tesla shareholders.

But think carefully, from the perspective of ordinary retail investors, do good things like NMD even get to benefit themselves?

From the perspective of the IPO issuer, taking advantage of the good market conditions to boost valuation—how to trap more chives and more cash.

These two unicorn companies are IPOing with valuations approaching 2 trillion yuan and 1 trillion yuan respectively, which actually reflects expectations of a bull market in U.S. stocks. If it were a bear market IPO, valuations would be at least halved, and OpenAI’s valuation has fallen even more sharply. The current bull market’s 850 billion valuation is already very inflated!

But comparing the two, although OpenAI is very profitable and well-funded, relative to its losses, it’s just a cash black hole. Its computing infrastructure and global AI talent recruitment are astronomical. A few months ago, there was hype over sky-high salaries for Chinese-American AI geniuses. Although it’s currently the leader in the large language model track, competitors include Musk’s Grok, Google, Facebook, and Amazon. Not long ago, a new player called Anthropic suddenly emerged, created by a former team split from OpenAI, focusing on a Spring and Autumn Warring States period.

In choosing the lesser of two evils, SpaceX is at least better. It currently holds absolute dominance over Earth’s near-orbit space, with 60-80% of global rocket launches, and a payload capacity reaching 70-90%, monopolizing the space industry. It also controls the Starlink communication network. To sum up in one sentence: it’s stepping on the Trisolarans and punching at God, while space infrastructure is a major trend for the next 50 years. Human civilization is not limited to Earth alone, and interstellar exploration requires space transportation.

The high valuations of these two companies’ IPOs in the future will also drain the trend of tech stocks in the U.S. stock market.

Personally, I think most retail investors prefer SpaceX rather than OpenAI. Of course, one thing to note is that if these two companies perform poorly after IPO, it could be a disaster, potentially causing a bubble burst in AI tech stocks.