They promise to be the biggest stockmarket debuts(首次亮相，首秀) in history. On June 11th SpaceX reportedly hopes to raise $75bn from investors, by issuing shares that will begin trading on the Nasdaq exchange the next day. Elon Musk’s rocketry firm will probably soon be followed by two other mammoth(巨大的) listings. Anthropic, an artificial-intelligence lab, filed draft paperwork for its initial public offering on June 1st; OpenAI, a competitor, is expected to do so soon. The two are rumoured to be seeking as much as $60bn apiece(每个，各自). Together, the three giga-IPOs(巨型首次公开募股) may add as much as $4trn to the market value of listed American companies in a matter of(仅仅，在……之内) months.
它们有望成为有史以来规模最大的股市首秀。据报道，6月11日，SpaceX希望从投资者那里筹集750亿美元，发行的股票将于次日在纳斯达克交易所开始交易。埃隆·马斯克的火箭公司之后很可能还有另外两家巨无霸公司上市。人工智能实验室Anthropic于6月1日提交了首次公开募股的草拟文件；竞争对手OpenAI预计也很快会提交。这两家公司据传各自寻求高达600亿美元的融资。这三场巨型IPO合计可能在几个月内为美国上市公司的市值增加多达4万亿美元。
How on earth(究竟如何，到底怎么) will the stockmarket handle this? Headlines predict a “trading frenzy(狂热，疯狂)”. Steve Sosnik, chief strategist at Interactive Brokers, one of the world’s biggest online trading platforms, has warned of the “existential risk(生存风险)” the listings pose. A particular worry is that compilers of stockmarket indices will grant the gigantic trio fast-track entry(快速通道进入) to their benchmarks. That would prompt tracker funds(指数跟踪基金，指数基金) with trillions of dollars in assets to buy the newly minted(新发行的，新铸造的) shares days after they are issued. After exhausting a big pool of buyers straight away, who will be left?
股市到底将如何应对？新闻标题预测将出现“交易狂潮”。全球最大的在线交易平台之一Interactive Brokers的首席策略师Steve Sosnik警告称，这些上市将带来“生存风险”。一个特别的担忧是，股票指数编制者会让这三家巨头快速纳入其基准指数。这将促使坐拥数万亿美元资产的指数基金在股票发行后的几天内就买入。在迅速耗尽一大群买家之后，还会剩下谁来接盘？
The answer is: lots of investors in an extraordinarily deep and liquid(流动性强的) market. Unprecedented as the serving of supersized IPOs is(尽管超大型IPO的供应), America’s extraordinary stockmarket will gulp it down(一口吞下). In the years to follow, though, expect some indigestion(消化不良).
答案是：在一个异常深厚且流动的市场中，有大量投资者。尽管超大型IPO的供应史无前例，但美国卓越的股市仍将将其一口吞下。不过在未来几年里，预计会出现一些消化不良。
Whatever floats your starship
各取所需，星舰自浮
