These are not isolated cases. They stem from a structural condition — and it has a straightforward remedy. Companies that have raised capital broadly from outside investors and grown beyond a defined scale should be required to list publicly within a defined period, making their continued growth accessible to all.
This year, two of the most consequential companies in America are expected to go public. SpaceX, which released its initial public offering prospectus last week, is targeting a valuation of at least US$1.75 trillion, the largest debut in market history. OpenAI, whose technology has already altered how hundreds of millions of people work and think, is close behind.
Ordinary Americans will not have shared in building that wealth. By the time retail investors can buy a share, virtually all of the exponential upside will already belong to venture firms, international investors and institutional insiders. The public will be invited to the party just as the hosts are heading for the door.
