With AI and big tech firms seeking to raise hundreds of billions in equity and debt this year to build data centers, any high-profile misstep could throw the broader AI boom off track. That includes the potential public debuts of SpaceX and possibly AI firms Anthropic and OpenAI. Poor performance from those initial public offerings could dampen broader enthusiasm for AI investment, according to a speaker at The Information’s AI Financing event in New York on Monday.

“Three of the biggest IPOs…potentially in history [are] happening all within potentially the same calendar year,” said Alexa von Tobel, founder and managing partner of Inspired Capital. “The performance of some of those IPOs may actually be like real cold water on reality.…There’s a state of the world where it actually makes the capital around it more cautious.”