This mega-IPO wave will add three large AI-linked companies to the US stock market. Moreover, it may change the mechanics by which public and private markets absorb them. SpaceX has already demonstrated the scale of the issue, immediately forcing investors to confront questions that usually unfold more gradually. Anthropic and OpenAI are expected to follow later this year. For institutional allocators, the relevant questions are no longer only whether these listings occur or how large they are, but how quickly benchmark providers include them, how passive and active US equity managers respond, and how public prices reset expectations for private-market AI valuations.