$3.6 Trillion US Tech IPO Wave Approaches—Can European Tech Firms Catch the "Liquidity Spillover"?

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The IPO wave triggered by American tech giants like SpaceX and OpenAI is sending ripples across the Atlantic.

On June 10, Bloomberg reported that Ygal el Harrar, Global Head of Technology Equity Capital Markets at BNP Paribas, said, The large-scale listing plans of top American technology companies are generating spillover effects worldwide, likely warming up equity financing demand among European tech companies. SpaceX, OpenAI, and Anthropic have all filed for IPOs in the U.S., 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 trigger a chain reaction, injecting vitality into the overall economy." Meanwhile, American investors have also begun seeking European market opportunities more actively in the past few months.

This month, BNP Paribas hosted a private market tracking conference in Paris. The renowned American venture capital firm Insight Partners attended, and its Managing Director Mike Hayes stated clearly: "We are looking for more high-quality European companies that fit our investment model." This comment reinforces El Harrar's judgment: American capital's interest in the European technology market is genuinely heating up.

El Harrar also pointed out that to drive more European tech companies to IPO, the key is to increase research coverage in emerging niche fields. "For critical emerging fields like quantum computing, the market needs more public awareness and must ensure that their development can be continuously tracked and understood," he said at the conference.

In his view, the lack of analyst coverage often limits the IPO willingness and valuation potential of emerging tech firms. Improving this infrastructure will help create conditions for the long-term expansion of the European technology IPO market.

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