Major technology companies are flooding markets with new stock offerings and debt as they chase artificial intelligence dominance. SpaceX aims to raise $75 billion in what would be the largest IPO ever, valuing the rocket maker at $1.77 trillion. Alphabet just issued $80 billion in new shares, with Berkshire Hathaway committing $10 billion to the offering.

Goldman Sachs projects $765 billion in AI infrastructure spending this year alone, potentially reaching $7 trillion through 2031. This staggering capital requirement has even cash-rich companies like Alphabet ($125 billion cash) and Microsoft ($80 billion cash) tapping public markets. The scale of investment marks a dramatic shift from two decades of self-funded growth.

Tech sector debt issuance has exploded beyond $150 billion this year, more than double the same period last year. Amazon set records with euro and Canadian dollar bonds, while Alphabet issued a $1 billion 100-year British bond. Semiconductor firm Cerebras saw its IPO price jump from $115 to $185 per share amid investor enthusiasm.

Finance professor Steven Kaplan draws parallels to the late 1990s dot-com frenzy, with investors displaying 'risk-on' behavior toward AI prospects. Unlike the original boom, today's capital raises come from profitable giants rather than speculative startups, though valuations still reflect bets on an uncertain future payoff.