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US-China Tech Rivalry Fuels High-Stakes IPO Landscape

1/24/2026

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Summary

Story summary

The US-China tech rivalry has intensified, shifting funding from industry labs to capital markets.
IPOs for OpenAI, Anthropic, and SpaceX are positioned to be crucial listings in the United States.
China is promoting AI developers and tech firms to list in Hong Kong and on the mainland.
Joel Cheung of the Economist Intelligence Unit says tighter US rules and China's ambitions entwine capital markets with industrial competition.

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Story summary

The US-China tech rivalry has intensified, shifting funding from industry labs to capital markets.
IPOs for OpenAI, Anthropic, and SpaceX are positioned to be crucial listings in the United States.
China is promoting AI developers and tech firms to list in Hong Kong and on the mainland.
Joel Cheung of the Economist Intelligence Unit says tighter US rules and China's ambitions entwine capital markets with industrial competition.