Brokers have been receiving queries from clients on the US application process as accessing these offerings may not be as straightforward as applying for a local initial public offering (IPO).
With the three firms expected to command a combined market capitalisation of around $4 trillion when they go public, the anticipated listings have sparked off discussions among wealthy individuals, family offices and globally focused retail investors looking to participate in the next phase of the AI trade.
However, unlike in India, where retail investors can bid for IPO shares under a quota reserved for them, access to high-profile US IPOs is largely restricted to institutional investors and select clients of investment banks. Although SpaceX is reportedly reserving a fourth of its $75-billion IPO for retail investors, applying in the quota won’t be easy for Indian nationals.
“There is no retail lottery, no guaranteed allocation, and no Indian brokerage route into the IPO book,” said Subho Moulik, founder and chief executive officer (CEO) of Appreciate. “Indian investors enter the secondary market post-listing, after institutional price discovery has already moved the price. Chasing that first-day pop is not a strategy.”
The excitement reflects the dominance of AI as a global investment theme. OpenAI and Anthropic sit at the centre of the generative AI ecosystem, while Elon Musk-led SpaceX offers exposure to the commercial space industry. Yet experts warned that investors may be arriving after much of the wealth creation has already taken place.
“Most value is captured privately before the IPO, and listings are timed for peak performance,” said Apurv Gupta, cofounder and CEO of Otto Money, an AI-powered wealth management app. “Investors should be cautious and take exposure, if any, through diversified vehicles aligned with their risk profile.”
According to Gupta, the AI opportunity extends beyond model developers such as OpenAI and Anthropic, spanning applications, frontier models and the infrastructure layer that comprises data centres and semiconductor manufacturers.
“The Nasdaq-100 is at record highs because the surest money shows up in hardware,” he said, citing companies such as Nvidia and Micron that have emerged as key beneficiaries of the AI spending cycle.
In addition, Asian chipmaking giants SK Hynix and Samsung Electronics have also seen their share prices rocket.
For Indian investors, the primary route to gain exposure remains the liberalised remittance scheme (LRS), which allows resident individuals to invest overseas within prescribed limits. Several fintech platforms and brokerages facilitate investments in US-listed shares and exchange-traded funds (ETFs) through Gift City and LRS-linked structures.
Some investors are exploring funds that already hold stakes in private technology companies – Moulik pointed to vehicles such as the KraneShares AGIX ETF and ARK Venture Fund, which have exposure to companies including Anthropic, OpenAI and SpaceX.
Experts said investors can also consider investing in exchange traded funds based on the MSCI Emerging Markets index. Taiwan Semiconductor Manufacturing Company, Hynix and Samsung make up almost a third of the index, which is tracked by passive funds with assets under management of over $700 billion.
Market participants said, however, that buying after listing could be a more practical strategy than attempting to gain access before the IPO.
Some wealth managers also cautioned that the upcoming listings are launching at a time when AI-related valuations are already stretched.
“The wide reading of the US market currently is that many of these large companies could list at aggressive valuations,” said a leading wealth manager. “After a couple of quarters in the public market, there could be a reality check and investors should then consider buying these stocks from a long-term perspective.”
