Nobody remembers who went first in a tech wave, and this AI IPO cycle will be no different (Save this).

Milk Road AI Twitter · Milk Road AI (@MilkRoadAI) · 2026-06-03

Milk Road AI argues that first-mover advantage in AI IPOs is irrelevant, citing Sarah Friar's view that an IPO is a financing tool rather than a finish line, with OpenAI having already raised roughly $122 billion privately.

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Extraction

Topics: ai-ipotech-financeopenai-funding

Claims

First-mover advantage in tech IPOs does not matter historically and will not matter in the AI cycle.
An IPO is a financing tool, not the milestone the press treats it as.
OpenAI has already raised roughly $122 billion privately, reducing the significance of any eventual public offering.

Key quotes

Nobody remembers who went first in a tech wave, and this AI IPO cycle will be no different.

Sarah Friar's point is that an IPO is just another financing tool, not the finish line the press wants it to be.