Behind the Business with Michelle Toh
Behind the Business with Michelle Toh

IPO parade? 3 pressing questions on global markets with the NYSE

June 25, 2026

AI Summary

5 min read

The IPO pipeline is strong, but the real test is whether smaller companies will follow the giants

When Chris Taylor, Chief Development Officer at the New York Stock Exchange, looks at the current IPO pipeline, he sees three potential mega-IPOs that would be "IPO size like we've never seen before" — SpaceX, OpenAI, and Anthropic. But he is careful not to let the excitement around those names obscure a more fundamental question: "whether the longer tail of companies that want to come to the market can IPO." The NYSE has watched the number of listed US companies decline by roughly half over the last thirty years, and Taylor believes a "secular reversal" may be coming — but only if the conditions are right for companies earlier in their life cycle to access public markets.

What is actually driving global markets right now

Taylor begins with a striking statistic: the US accounts for roughly 25% of global GDP but nearly 50% of global market capitalization. When people ask what is driving markets worldwide, the answer starts with US market leadership, and within that, the technology boom — particularly AI.

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What you'll learn

  • 1 (01:00) **Guest Introduction & Career Path** - Chris Taylor, Chief Development Officer at NYSE, shares his background and what drew him to the exchange.
  • 2 (04:59) **What's Actually Driving Stock Markets** - Taylor identifies the US market as the global leader and explains what's often missed in the AI boom narrative.
  • 3 (07:38) **CEO Sentiment & AI's Real Role** - Taylor shares findings from the NYSE's third annual CEO survey with Oliver Wyman Forum, revealing how leaders view growth and AI.
  • 4 (10:05) **Are We in an AI Bubble?** - Taylor argues that awareness of the question is healthy and explains what will determine the answer.
  • 5 (11:40) **IPO Timing & Geopolitical Volatility** - How the current environment is shaping when companies choose to go public.
  • 6 (14:07) **The "Trio of Mega IPOs" & Sustainable Market** - Taylor assesses whether SpaceX, OpenAI, and Anthropic will open the floodgates.
  • 7 (16:22) **NYSE's Strategic Priorities** - Taylor outlines what the exchange is focused on over the next 1-3 years.

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Guests on this episode

Chris Taylor

Show Notes

The US makes up almost 50% of global market cap. Yet over the past three decades, the number of American public companies has declined dramatically.


So says this week’s guest, NYSE Chief Development Officer Chris Taylor, who joins us for our new “3 Pressing Questions” segment.


After years of a quieter IPO market, there are signs momentum is returning — with a surge in new equity offerings and investors watching the debuts of big names like SpaceX, OpenAI and Anthropic.


We headed to the New York Stock Exchange to unpack:


🌍 What’s really driving global stock markets right now?


🔔 What’s next for the US IPO market as attention turns to companies like SpaceX, OpenAI and Anthropic?


🤖 Are we in an AI bubble?Plus: Chris shares what founders should know if they dream of ringing the bell on Wall Street one day. We dive into: 00:00: Introduction 03:59: What's actually driving stock markets right now — and where consensus might be wrong 06:29: CEO outlook on global volatility, AI and challenges 08:01: Where some companies are spotting new market opportunities 08:57: Are we in an AI bubble? 10:31: IPO market outlook 12:14: Expected 'mega-IPOs' this year with SpaceX, OpenAI and Anthropic 14:22: NYSE roadmap 15:40: SEC proposal to give companies option to report earnings semi-annually vs. quarterly 17:26: The hardest part of running the exchange 19:46: Jump in overseas demand for US stocks 21:12: How NYSE competes against other exchanges - both in the US and overseas 26:33: Common mistakes companies make before going public 27:58: Future of going public: Will the traditional IPO model remain king? 28:48: Rapid-fire round NOTE: This interview was recorded ahead of SpaceX's IPO on June 12, 2026. Views and opinions expressed in this episode are for informational purposes only and do not constitute financial, investment or other professional advice. 🚀 Season 2 of Behind the Business is here, featuring the leaders of brands including Airbnb, Rivian, NYSE, Canva, Samsung, Poppi, Peloton, Revolve, Lucid Motors, PHLUR, The Points Guy and Away. Catch new episodes every Thursday. 👇🏼 SUBSCRIBE + FOLLOW: - YouTube: https://bit.ly/YTBTB - Apple Podcasts: http://bit.ly/3IFGuIA - Spotify: https://bit.ly/SpotiBTB - Amazon Music: http://bit.ly/4pPZZPp 🎙️About Behind the Business Behind the Business is a Webby Award-winning, thoughtfully produced video podcast grounded in the belief that business is in fact personal. This is not a fawning interview show. We pair deep research with thorough interviews — asking the real questions and avoiding fluff, while keeping it fun! What’s the toughest day you’ve ever had at work? How do you mentally prep for a big event? Or what’s a pinch-me moment you’ll never forget? In each episode, guests get into it all. Each episode also connects guests with young founders/ CEOs who send in a question. New episodes every Thursday. Ab

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