100% agreed. There's so much locked up appetite for IPOs, both from the tech crowd and the general public. There have been very few quality IPOs since COVID frankly.
I'll wager that the IPO market can actually absorb all three of these that yes, are the size of the last 10 years combined. The trading market itself is larger, as are values, and valuations.
I assume that to maximize value you see a standard lock and roll play here. The S-1 will declare the 10% release, with commentary about future (6 or 12 months) another 5%. Plus don't forget institutional. There's ample space here, even before the Nasdaq 100 changes that are probably coming into play. If those come into play then inflows accelerated, as did valuations.
THere's interest to hold it for diversification reasons but the reality is investors are not stupid. Look at the basket-case recent IPOs: Figma and Klarna.
Many are skeptical of LLMs and how large of an impact they will have in the long-term. Nvidia's stock performance YTD is an example of that, despite the good news being pushed forward.
People want to start seeing customers of OAI, Nvidia et al start generating incremental accounting profits from LLM-specific projects, let alone economic profits.