michal preminger

With these huge IPOs for SpaceX, Anthropic, and OpenAI… I'm thinking about a couple possible implications for biotech investing: 1/ Many of the large AUM long-only asset management firms (Fidelity, Wellington, T Rowe, Cap Re, etc) are likely participating in a big way in these IPOs.  Given the size of these offerings, these large funds will likely be investing billions into each of these. Every large investor only has so much capital (from a risk management perspective) allocatable to primary offerings of IPOs in a given period… so will these three suck all the oxygen out of the room for long-only firms' ability to play in biotech IPOs in 2H 2026?  Will the sector be even more dependent on specialist healthcare investors for IPOs for the next few quarters?  Seems likely to me. 2/ Right now these three positions are very large private marks on many big investor’s books.  Most of these firms have limits as to what percentage of their AUM can be invested in private deals… when these three move over to the public side, it immediately changes the “ratio”  in a big way… creating significant “space” for private investing in their portfolios.  Will that bode well for their participation in late stage private deals in biotech?  Maybe... hopefully. So for the next few quarters... while biotech IPOs may be more reliant on specialists, we might see renewed interest from long-only firms in later stage private biotech deals - helping companies stay private for longer.