SpaceX, Anthropic Listings Are Part of What Ails the IPO Market

The US may yet notch a record year in initial public offerings if Anthropic PBC goes public soon. But it would be a false dawn, the numbers flattered by the trading debuts of Space Exploration Technologies Corp. and the aforementioned maker of the Claude chatbot. Under the surface, America’s withered IPO market is crying out for revitalization following a decades-long structural shift toward private funding that’s curbed transparency and walled off access to the best investment opportunities.