BNP states that the $3.6 trillion wave of US IPOs will enhance technology transactions in Europe.
The IPO submissions from SpaceX, OpenAI, and Anthropic have generated a pipeline of US tech offerings estimated at around $3.6 trillion. According to Ygal el Harrar, the global head of equity capital markets for the technology sector at BNP Paribas, this momentum is likely to create interest in European tech transactions as well. “Liquidity attracts liquidity,” he stated in a Paris interview. “When large tech companies go public in the US, it will stimulate further growth and energize the economy.”
The US Pipeline
SpaceX submitted its public S-1 in May, aiming for a Nasdaq listing valued at approximately $1.8 trillion, which would make it the largest IPO ever. Anthropic confidentially filed with a valuation of $965 billion, followed shortly by OpenAI at $852 billion. Together, these three firms could contribute a total market value of $3.6 trillion to US exchanges by autumn. SpaceX may set its price as soon as this week, while Anthropic is aiming for October and OpenAI for September.
The European Ripple
El Harrar, who previously managed venture capital coverage, took on the newly established tech ECM position earlier this year as BNP Paribas grows its equity capital markets footprint in the technology field. He suggested that the scale and excitement surrounding US mega-IPOs are creating ripple effects worldwide. During BNP Paribas’s Private Market Track Conference in Paris this month, US investors expressed an increasing interest in European tech. “We are seeking more excellent companies in Europe that align with our models,” remarked Mike Hayes, managing director at Insight Partners.
European Tech is Already Advancing
Several significant European tech firms are preparing to enter public markets. Bending Spoons, the Milan-based parent of Evernote and WeTransfer, has filed for a Nasdaq listing with a reported valuation of $20 billion. Monzo is getting ready for an IPO on the London Stock Exchange with an expected valuation between £6 billion and £7 billion, while the German quantum computing startup IQM is anticipated to list on a US exchange around June 2026. Helsing, the European defense AI company, raised $1.2 billion at an €18 billion valuation and is generally expected to go public within the next two years.
What’s Lacking
El Harrar pointed out that a significant obstacle to more European tech listings is the insufficient research coverage for emerging sectors. “For essential yet new fields like quantum, for example, there’s a need for greater public awareness to ensure its progress is tracked and understood,” he mentioned. This implies that European tech companies in areas like quantum computing, defense AI, and deep tech face challenges in attracting public market investors due to the limited analytical coverage of these sectors.
The Flags
The $3.6 trillion figure reflects the total private valuations of SpaceX, OpenAI, and Anthropic, rather than guaranteed IPO proceeds. The actual market capitalizations at the time of listing could significantly differ, and some industry experts have cautioned that three major IPOs could absorb so much capital that they might hinder smaller listings instead of encouraging them. El Harrar’s assertion that US mega-IPOs will enhance European tech interest is a hypothesis rather than a proven trend. European tech has historically had difficulties matching the scale of US IPOs, and the continent’s fragmented stock exchanges present a structural disadvantage. Whether the interest from US investors will translate into real European deals remains uncertain.
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BNP states that the $3.6 trillion wave of US IPOs will enhance technology transactions in Europe.
According to BNP Paribas, the $3.6 trillion IPO pipeline from SpaceX, OpenAI, and Anthropic will stimulate interest in European tech listings. Investors in the US are already taking notice.