AI giants SpaceX, Anthropic, and OpenAI face risks as trillion-dollar IPOs approach

There's never been anything quite like this: three giant start-ups, with combined market valuations approaching or surpassing $US4 trillion, listing on the US market within months of each other.

Excluding SpaceX's rockets, the oldest of these three AI ventures now being valued at more than $US1 trillion each is just over a decade old.

The companies driving artificial intelligence need access to ever-increasing amounts of capital at ever-increasing valuations. That makes them vulnerable.