The IPO wave driven by U.S. tech giants such as SpaceX and OpenAI, with a combined valuation of approximately $3.6 trillion, is spilling over. BNP Paribas stated that this will fuel a rise in financing demand for European tech companies. U.S. capital has begun actively seeking opportunities in Europe, but insufficient research coverage remains a key constraining European tech companies from going public.
SpaceX, OpenAI, and other U.S. tech giants are setting off an IPO wave that is transmitting its impact across the Atlantic.
On June 10, Bloomberg reported that Ygal el Harrar, Global Head of Equity Capital Markets for the Technology Sector at BNP Paribas, stated that the large-scale listing plans of top U.S. tech companies are generating a spillover effect globally, which is expected to boost equity financing demand for European tech enterprises. SpaceX, OpenAI, and Anthropic have successively filed for IPOs in the United States, with a combined valuation of about $3.6 trillion.
“Liquidity attracts liquidity,” El Harrar said in an interview in Paris. “The listing of large tech companies in the U.S. will create a chain reaction, injecting vitality into the overall economy.” Meanwhile, U.S. investors have also become more proactive in seeking opportunities in the European market in recent months.
This month, BNP Paribas hosted a private market tracking conference in Paris. Insight Partners, a well-known U.S. venture capital firm, attended, and its Managing Director Mike Hayes explicitly stated, “We are looking for more high-quality European enterprises that fit our investment model.” This statement confirms El Harrar’s assessment that U.S. capital interest in the European tech market is genuinely heating up.
El Harrar also pointed out that to drive more European tech companies to public markets, the key is to enhance research coverage of emerging niche sectors. “For critical emerging fields like quantum computing, the market needs greater public awareness and assurance that their development progress can be continuously tracked and understood,” he said at the conference.
In his view, the absence of analyst coverage often constrains the willingness to list and valuation potential of emerging tech companies. Improving this infrastructure will help create conditions for the long-term expansion of the European tech IPO market.
