Insights

Weekly Market Commentary – 22nd May 2026

22 May 2026

This week brought news of the impending IPO of Elon Musk’s SpaceX. If it achieves its rumoured valuation of $1.75tn, it would be the seventh largest US listed company, worth more than Meta, Berkshire Hathaway and Walmart. The company remains loss making – more so since it merged with xAI – but much of its valuation is being pegged to the potential for space exploration and the massive growth of AI. OpenAI, owner of ChatGPT, and Anthropic (the company behind the popular Claude AI assistant) are also expected to seek stock market listings soon. With all three tipped for valuations above $1tn, investor faith in AI’s ability to generate future profits will be tested. Another issue for investors to consider is concentration risk as tech stocks, specifically AI, are set to increase their domination of the US market.