For our free newsletter this week, we write about the AI IPO race.

@IrenaCronin and I write this newsletter every week.   The AI IPO race shows that AI companies are moving into a new stage. Instead of only competing over better models and products, companies like Anthropic, OpenAI, and SpaceX now need huge amounts of money to build data centers, buy compute, and support growing demand.

The big question is whether public investors will believe these companies are worth their massive valuations and can become strong, profitable businesses.