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AI markets are showing two completely different realities at the same time. On one side, investor demand is exploding. • SpaceX attracted $250B in IPO demand against a $75B target • OpenAI is reportedly targeting a $1T+ public debut • Anthropic is preparing its own major listing Three AI giants are racing toward public markets, and investors can't get enough. On the other side, a single report questioning the pace of AI infrastructure deployment wiped out billions in market value. After concerns emerged around delays in Nvidia's optical networking roadmap: • AAOI fell 14% • Marvell dropped 15% • AMD lost 10% • Coherent slid 11% The Nasdaq fell 3.5%, erasing roughly $2T in market value. There's also a crypto twist. SpaceX disclosed 8,285 BTC on its balance sheet, bringing Bitcoin exposure directly into traditional equity portfolios. Yet the same IPO boom is pulling massive amounts of capital toward public AI opportunities and away from speculative assets. The market is pricing AI perfection while simultaneously questioning whether the infrastructure can keep up. If you had one allocation only: SpaceX, OpenAI, or Anthropic?