Matthew Bloxham speculates that the sell-off in large technology stocks is partly driven by investors raising capital for the SpaceX initial public offering.

Broadcom reported that its AI sales increased by 143% in the most recent quarter.

Lead banks are projecting that SpaceX could add $400 billion in revenue within five years.

Broadcom's forward guidance projects a more than 200% increase in AI revenue for the upcoming quarter.

SpaceX's S-1 filing outlines a total addressable market opportunity of $28.5 trillion.

SpaceX's orbital data center strategy could have significant implications for the data infrastructure market and major AI companies like Anthropic and OpenAI.

At a hypothetical $3 trillion valuation, Anthropic would be trading at approximately 20 times its forward sales.

Investors participating in upcoming large AI IPOs will likely need to sell some of their existing holdings in mega-cap tech companies like NVIDIA and TSMC to manage concentration risk.

Anthropic's annualized revenue run rate was reportedly around $10 billion at the end of last year and could reach $50 billion by the end of the current year.