I Think Everyone Is Looking At The Upcoming IPO Wave The Wrong Way

Lately I've been reading a lot about the companies that could eventually hit public markets over the next few years, and honestly, the numbers are becoming hard to ignore. SpaceX is reportedly targeting a valuation around $1.75 trillion. OpenAI has been linked to valuations approaching $1 trillion. Anthropic recently raised capital at a reported valuation of roughly $965 billion. Stripe has climbed back toward $159 billion, while Canva continues attracting attention around the $42 billion mark. Most of the debate seems to focus on one question: are these valuations justified? Personally, I think that's actually the less interesting discussion. The more I look at these companies, the more I notice that they're all trying to build the same thing in different ways. They're building infrastructure for the next generation of the global economy. SpaceX is building launch systems, satellites and connectivity. OpenAI and Anthropic are building intelligence platforms that companies increasingly integrate into everyday operations. Stripe processes digital commerce. Canva powers millions of businesses, creators and marketing teams. Whether someone is extremely bullish or extremely skeptical, one thing stands out. These companies are investing enormous amounts of capital into growth. New data centers. New compute clusters. New facilities. New networks. New hardware. That's where my attention keeps drifting. Because behind every AI model, every satellite constellation, every server rack and every new platform is a physical layer that has to exist first. People spend hours debating software valuations while barely mentioning the infrastructure needed to support all of it. The IPOs will probably generate headlines. The companies themselves will dominate financial media. But when I zoom out, I keep wondering whether the bigger story is everything happening underneath them. Anyone else looking at this from the infrastructure side rather than focusing only on the IPOs themselves?