Asian AI Supply Chain Bets Surge as SpaceX, OpenAI IPOs Loom, May 31

SpaceX, OpenAI, and Anthropic are preparing record-breaking IPOs that could inject up to US$70 billion into AI infrastructure spending. Investors are increasingly betting that Asian component suppliers—not just chipmakers—will capture the next wave of demand. This shift matters because valuations for leading chip stocks have climbed so high that fund managers are hunting for cheaper entry points in the broader AI supply chain.

The IPO Windfall and Its Scale

SpaceX filed for an IPO targeting a valuation between US$1.75 trillion and US$2 trillion, aiming to raise up to US$80 billion. OpenAI closed a US$122 billion funding round on March 31, 2026, valuing the company at US$852 billion post-money. Anthropic raised an additional US$65 billion, pushing its valuation to US$965 billion. Combined with existing AI capex commitments of more than US$750 billion from hyperscalers like Meta and Amazon, these fundraises could trigger another multi-year investment cycle across Asia’s supply chain.

Why Chipmakers Look Expensive

Taiwan Semiconductor Manufacturing Co, Samsung Electronics, and SK Hynix have all crossed US$1 trillion in market value. SK Hynix shares climbed 258% year-to-date, while Samsung Electronics rose 158% over the same period. Ken Wong, an Asian equity portfolio specialist at Eastspring Investments Hong Kong, said his firm is underweighting semiconductors and focusing more on electronic component makers. Investors worry these valuations leave little room for growth.

The Real Beneficiaries: Component Suppliers

The next phase of AI spending will flow to makers of server parts, cooling components, power equipment, and specialised materials. Every new AI data center requires far more than chips—it needs electricity, transformers, servers, cables, cooling systems, and construction infrastructure. Fabien Yip, a market analyst at IG International, noted that the flow-through to Asia is prominently visible in chipmaker earnings reports. This broadening of the AI trade creates opportunities for a new class of Asian champions beyond semiconductor giants.

Capital Recycling Into Asia

Wealthy Asians poured US$24.3 billion into global AI private funding rounds in 2025, nearly triple the prior year. By April 2026, they had committed an additional US$950 million. VCs and angels who locked in returns on US AI companies are now co-investing alongside Asian sovereign wealth funds in enterprise AI software, inference hardware, and vertical AI applications. AI startup funding across Asia hit a record US$11.2 billion in the first quarter of 2026 alone.

Final Thoughts

The IPO wave from SpaceX, OpenAI, and Anthropic is redirecting capital toward Asian infrastructure suppliers rather than chipmakers. For investors, this signals a shift in where the next layer of AI-driven returns may emerge.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.