US Tech Giants' Market Value Surges as SpaceX Joins Top Ten Amid Mega‑IPO Concerns

A recent EY study shows the market capitalisation of the world’s 100 largest companies rose 18% this year to $61.9 trillion, driven largely by US tech firms. The top five spots remain unchanged – Nvidia, Alphabet, Apple, Microsoft and Amazon – while SpaceX entered the ranking at sixth with a $2.25 trillion valuation, followed by Taiwan’s TSMC and Saudi Aramco. Europe’s highest‑ranked company, ASML, sits at 20, and Germany’s SAP fell to 114.

Analysts warn that the wave of mega‑IPOs – notably SpaceX, and anticipated offerings by AI firms OpenAI and Anthropic – could drain capital from the broader US equity market. Citing academic studies, they argue each dollar shifted to new listings may reduce overall market value by several dollars, potentially eroding up to $1 trillion of US market cap and lowering future returns. The debate centres on whether the influx of fresh capital signals healthy growth or excessive market euphoria that could precede a downturn.