Perhaps, perhaps not. SpaceX's IPO is weird in a lot of ways, including how few shares they sold.

Also weird: owning its own social media platform with which to boost itself; and the CEO is reported to have ordered his tweets boosted by the algorithm; and the CEO was almost banned from operating a publically traded company after tweeting things that materially mislead investors before being given the powers of a government agency without the responsibilities, and then used that power to gut regulators he saw as standing in his way.

And I'm about 7k words into writing a blog post about how wierd those orbital data centres are.

If Musk hadn't picked a fight with OpenAI and the US government hadn't had one or possibly two fights with Anthropic, I'd say current market conditions aren't the reason to worry about OpenAI's and Anthropic's IPO.

Running out of electricity, that may be a reason to worry. But not a market dip, those happen far too often.

They are still above a ridiculously high IPO price. It's hard to see it as not a success.

An IPO trading under its offer price after less than a month and before most lockups expire is never a good thing. This is especially true for an IPO that only floated 4% of it's stock.