A huge change is coming to the world\u2019s booming artificial intelligence (AI) sector.<\/p>\n
Starting with Elon Musk\u2019s SpaceX<\/a>, with OpenAI<\/a> and Anthropic<\/a> preparing to follow, all three private companies are set to sell shares of their stock to the general public for the first time. These are what\u2019s known as initial public offerings<\/a> (IPOs). <\/p>\n SpaceX \u2013 the first of them to launch this Friday, June 12 \u2013 expects to raise $US75 billion<\/a> from selling just 4% of the company\u2019s shares.<\/p>\n Musk is already the world\u2019s richest man, worth around US$800 billion<\/a>. He owns around 42% of SpaceX now, plus options to buy more shares at a fraction of the US$135 a share price<\/a> ordinary investors are being asked to pay. Given his existing wealth, after this Friday\u2019s listing Musk looks likely to become the world\u2019s first trillionaire<\/a>. <\/p>\n Together, these three companies are valued at almost $US4 trillion and are expected to raise a record-breaking $US200 billion<\/a>, despite well-founded concerns that big AI stocks are now hugely overvalued<\/a>.<\/p>\n While most of the news coverage has focused on the money involved, there\u2019s actually another side to these sales that could be a big deal in the longer run. <\/p>\n At a time when everyone from the Pope<\/a> to people from all walks of life<\/a> worldwide<\/a> are concerned about AI\u2019s growing role in our lives, these stock exchange listings have the potential to finally bring some extra transparency to the inner workings of the AI giants.<\/p>\n Why SpaceX, OpenAI and Anthropic matter to you<\/p>\n Once these companies list, hundreds of millions of investors around the world will be exposed<\/a> to these companies. That could be directly, if you buy these stocks, or else through index funds, which hold shares on behalf of investors \u2013 including big retirement and superannuation funds. <\/p>\n Even for those who don\u2019t consider themselves investors, these three share offerings could easily affect your savings too.<\/p>\n Here\u2019s what we know about these IPOs so far.<\/p>\n<\/p>\n SpaceX\u2019s most recent June 3 filing amendment<\/a> with the United States Securities and Exchange Commission added a notable new line. It said SpaceX \u201cmay issue a significant amount of equity in connection with future transactions\u201d. <\/p>\n US business outlet Fortune is reading this as a signal for a possible future Tesla merger<\/a>, bringing another of Musk\u2019s companies into the fold. That could be the biggest merger in history.<\/p>\n<\/p>\n Read more: Investors can sue over failures to disclose<\/p>\n Once publicly listed, the AI labs of SpaceX \u2013 xAI<\/a> \u2013 as well as Anthropic and Open AI would be subject to public market scrutiny for the first time. <\/p>\n This would push these companies to disclose more AI risks than they have had to as private companies \u2013 or risk being sued for misleading investors.<\/p>\n US securities laws are among the most enforceable in the world. Under US law, investors can sue a company for securities fraud if it fails to disclose a risk that later materialises.<\/p>\n One regulation commonly used in securities fraud lawsuits is Rule 10b-5<\/a> under the Securities Exchange Act of 1934. <\/p>\n This has been successfully used in the past many times. For example, Bank of America paid US$2.43 billion<\/a> settle a lawsuit related to its purchase of investment bank Merrill Lynch in 2008. Countrywide Financial paid US$600 million<\/a> for failing to disclose the mounting risks of its subprime mortgage business.<\/p>\n Only last month, the International Monetary Fund warned<\/a> \u201cfinancial stability risks mount as artificial intelligence fuels cyberattacks\u201d, pointing out:<\/p>\n Anthropic\u2019s recent controlled release of its Claude Mythos Preview, an advanced AI model with exceptional cyber capabilities, underscored how quickly risks are increasing [\u2026] This foreshadows how fast\u2011moving, AI\u2011driven cyber risks could destabilize the financial system if not managed carefully.<\/p>\n There are good reasons to be concerned about the increasing dominance of tech companies and what happens to economies around the world if the AI share bubble bursts.<\/p>\n Having more of the biggest AI companies forced into greater disclosure would offer one silver lining amid those AI fears. <\/p>\n<\/p>\n AI and chip stocks have been surging in 2026. What happens if the AI bubble bursts?<\/p>\n What difference could public disclosure make?<\/p>\n Just as an example, let\u2019s suppose Anthropic accidentally leaked its Claude Mythos source code (like a leak that actually happened earlier this year<\/a>). Then let\u2019s say North Korean hackers used that code to hack into US government systems. <\/p>\n If that happened when Anthropic was a public company, its share price would very likely fall in response.<\/p>\n Investors could then sue Anthropic for failing to disclose the risk of code leak, which later caused the share price to fall.<\/p>\n This mechanism has its limitations: it only works if AI harms are eventually reflected in stock prices of Anthropic.<\/p>\n In other words, the mechanism only protects the general public from AI risks indirectly \u2013 though protecting Anthropic\u2019s investors first.<\/p>\n
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