Why tech titans’ IPOs matter as much in China as in the US

Blockbuster initial public offerings from tech champions such as Anthropic and SpaceX are about to fundamentally reshape global capital markets. This wave will redirect capital flows and alter valuations across the tech sector. As competition intensifies, investors worldwide will be forced to completely rethink where future returns will come from. For China, the rise of these companies will intensify an already fierce contest for global capital, putting further strain on foreign investment...