Singapore / Hong Kong — May 31, 2026: The most consequential investment thesis on Asian stock markets right now has nothing to do with any company listed in Asia. It is about SpaceX, OpenAI, and Anthropic — and the flood of capital their upcoming U.S. equity offerings are expected to unleash across the global AI infrastructure supply chain. Investors from Singapore to Seoul and Tokyo to Taipei are repositioning fast, betting that the next wave of AI infrastructure spending will lift a new class of Asian champions beyond the semiconductor giants that have already reached trillion-dollar valuations.

The Core Thesis: $70 Billion in Fresh AI Capex

The hunt is on for companies that could benefit from the tailwinds of an unprecedented wave of stock offerings in the U.S., and investors are increasingly honing in on the Asian supply chain. Their thesis is that the billions of dollars that SpaceX, Anthropic, and OpenAI are set to raise will kick off a fresh round of technology spending — with a good chunk of that finding its way to the makers of server parts, specialized materials, cooling components, and power equipment.

The listings of SpaceX, OpenAI, and Anthropic may mean a total of $70 billion in AI spending on top of the more than $750 billion already committed by the biggest hyperscalers, according to Fabien Yip, a market analyst at a major Asian equity firm. For stock markets in Asia, that could be the catalyst for the next leg of a historic rally.

For context on the scale of these offerings: OpenAI's latest round valued the company at $852 billion post-money, with backing from Amazon, Nvidia, and SoftBank. SpaceX has filed for what could become the largest IPO in history, targeting a valuation between $1.75 trillion and $2 trillion, with a listing anticipated around mid-June 2026. For the most comprehensive and up-to-date coverage of these landmark IPO filings, Bloomberg Markets remains the definitive source for institutional investors and market participants globally.

Beyond Semiconductors: The New "Second Wave" Winners

Hardware firms in the region are already among the biggest winners of the data-center buildout, which has propelled chipmakers Taiwan Semiconductor Manufacturing Co., Samsung Electronics Co., and SK Hynix Inc. into the trillion-dollar club. But after their breakneck gains, some investors have become uneasy about those lofty valuations and are now betting that the next phase will create a new class of champions.

"AI IPOs could further fuel the capex boom at a time when Asian chip stocks look stretched," said Ken Wong, an Asian equity portfolio specialist at Eastspring Investments Hong Kong. "We're currently underweighting semiconductors in our Asia technology strategy and focusing more on the electronic component makers."

Power: "The Most Under-Owned Bottleneck"

Jian Shi Cortesi, a fund manager at GAM Investment Management, sees power as "the most under-owned bottleneck" — but cautions that the next phase of the AI frenzy may carry bigger risks than the first. If AI demand fails to justify the scale of spending, companies may cut capex and leave the market facing excess infrastructure and sharp valuation declines.

Brian Ooi, a portfolio manager at Swiss-Asia Financial Services, sees the SpaceX, OpenAI, and Anthropic capital raisings as a positive signal to remain invested in AI stocks, with particular interest in transformers, fuel cells, cables, gas turbines, and other power equipment. The three big AI-related IPOs "will provide them more liquidity to further invest in capital expenditures."

Asian Investors Are Already In — And Going Deeper

In 2025, wealthy Asians poured $24.3 billion into global AI private funding rounds — nearly triple what they invested the year before. By April 2026, they had already committed an additional $950 million. AI startup funding across Asia hit a record $11.2 billion in the first quarter of 2026 alone, heavily concentrated in Chinese companies.

South Korean chipmakers Samsung and SK Hynix have reportedly secured supply agreements tied to OpenAI's Stargate project — the ambitious infrastructure buildout designed to power the next generation of AI models. Both companies are positioned to benefit regardless of which AI labs ultimately dominate the model layer, since the compute and memory infrastructure those models run on flows through Korean silicon.

The Stocks to Watch: Where the "Second Wave" Money Is Going

Based on analyst positioning and fund manager commentary, the emerging consensus on Asian "second wave" AI beneficiaries clusters around five categories:

  • Power infrastructure: Transformer manufacturers, cable makers, fuel cell producers, and gas turbine suppliers across Japan, South Korea, and Taiwan
  • Cooling technology: Liquid cooling system makers — particularly those with existing data-center cooling contracts with hyperscalers
  • Electronic components: PCB makers, connector manufacturers, and specialty materials suppliers in Taiwan and Japan
  • Memory and HBM: SK Hynix and Samsung remain core holdings, with high-bandwidth memory (HBM) demand driven by every new AI training cluster
  • AI software/application layer: Emerging AI application companies across India, South Korea, and Southeast Asia building on top of U.S. frontier model APIs

For investors who missed the first wave of semiconductor gains, the SpaceX-OpenAI-Anthropic IPO cycle represents a rare second chance to position for AI infrastructure growth before the market fully prices the $70 billion in incremental capex these listings are expected to trigger. The Asian supply chain — from power cables in Japan to cooling systems in Taiwan to memory chips in South Korea — sits directly in the path of that spending wave.