If the financial media is to be believed, 2026 may go down as the year of the mega IPO.

Among the most anticipated offerings are SpaceX, OpenAI, and Anthropic.  SpaceX will begin offering its shares to the public on Friday, June 12.  Together, these companies represent some of the most exciting developments in technology, artificial intelligence, and space exploration. Investors have been eagerly awaiting the opportunity to buy shares, and when these companies eventually become public, demand is likely to be enormous.

While the excitement is understandable, investors should proceed with caution.

One of the biggest mistakes investors make is assuming that a great company automatically translates into a great investment. The two are not always the same thing.

By the time a highly anticipated company reaches the public markets, much of the optimism surrounding its future may already be reflected in the stock price. Investment banks and existing shareholders understand investor demand and typically seek to maximize the offering price. As a result, new investors often pay a premium for the privilege of participating.

History offers several reminders of this reality.

Over the years, many headline-grabbing IPOs generated tremendous excitement but failed to deliver strong returns immediately after going public. In some cases, investors who waited patiently were able to purchase shares months later at substantially lower prices. Even companies that eventually became successful long-term investments often experienced significant volatility in their early years as public companies.

There is another important consideration. Investors already have exposure to many of the trends driving these businesses.

The growth of artificial intelligence is benefiting a wide range of publicly traded companies today. Semiconductor manufacturers, cloud computing providers, software developers, cybersecurity firms, and data center operators are all participating in the AI revolution. Likewise, the expansion of commercial space technology benefits numerous aerospace, defense, and technology companies already available in the public markets.

In other words, investors do not necessarily need to own OpenAI, Anthropic, or SpaceX directly to benefit from the powerful trends these companies represent.

Another reason investors should avoid feeling pressured to buy these IPOs immediately is that many will eventually gain exposure to them through their existing index funds and ETFs. Major stock indexes continually evolve to reflect changes in the public markets. While SpaceX is not expected to qualify for inclusion in the S&P 500 due to the index’s profitability requirements, it is expected to become part of other widely followed benchmarks, including those associated with the Nasdaq and Russell indexes. OpenAI and Anthropic could follow a similar path. For investors who already own diversified index funds, there is a good chance these companies will eventually become part of their portfolios without requiring a separate investment decision.

For long-term investors, IPOs can also create a fear of missing out, or FOMO. Media coverage often focuses on the possibility of extraordinary gains while paying little attention to the risks. This can lead investors to abandon a carefully constructed investment plan in pursuit of the next hot opportunity.

That is rarely a recipe for success.

Successful investing has historically been built on patience, diversification, and discipline rather than chasing headlines. While some IPOs ultimately reward investors handsomely, predicting which companies will justify their lofty valuations is extraordinarily difficult.

That does not mean investors should automatically avoid these offerings. Some may eventually prove to be excellent businesses and worthwhile investments. The key is maintaining perspective. A company can be innovative, exciting, and transformative while still being overpriced.

As these highly anticipated IPOs move closer to reality, investors would be wise to remember that long-term wealth is typically built through a disciplined investment strategy, not by chasing the latest market sensation. In many cases, patient investors will eventually own these companies through their diversified portfolios anyway.

The question is not whether SpaceX, OpenAI, and Anthropic are extraordinary companies. The question is whether investors need to rush out and buy them on day one.

History suggests the answer is often no.