SpaceX, OpenAI and Anthropic are all IPOing. Here's what our tech stocks are doing.

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If you haven’t already heard about the SpaceX IPO...

You probably will over the coming months.

Elon's SpaceX filed for its IPO a few days ago...

(sources)

Now if you shudder when one of your ASX small cap stocks propose some management milestones with share payments on low ball achievements...

How are THESE for some performance hurdles for the SpaceX CEO, Elon Musk to set the tone:

US$154 billion in SpaceX stock:

• SpaceX hits a US$6.6 trillion market cap
• And operate orbital AI data centres delivering 100 terawatts of compute per year

US$583 billion in SpaceX stock for:

• SpaceX's hits US$7.5 trillion market cap
• Establish a permanent human colony on Mars with at least one million inhabitants

And also in the USA IPO pipeline:

The two biggest “AI hyperscalers” OpenAI (ChatGPT) and Anthropic (Claude) are IPOing in the USA too:

(source)

Why does this matter for the markets?

“Blockbuster” IPOs insert even more attention, capital and activity into the market.

The number of US IPOs in any given year is a pretty good indicator of market conditions and sentiment.

Sentiment which (generally) trickles down to other markets.

Like the ASX... right?

(Unless the fear of the proposed Chalmergeddon tax changes outweighs broader FOMO greed instincts.)

Here is a chart showing the number of USA IPOs from 2019 to 2024:

(source)

Just look at how closely this rise in IPO volume correlates to the great ASX small cap boom of 2020 that peaked in 2021 and died in 2022.

(or is the correlation really to increased money supply from COVID zero-interest-rate policy?)

So now we have an increasing number of USA IPOs - meaning more companies raising more money to fund our “three global buildouts of AI, robotics and militaries that will drive an all commodities boom”?

(well, AI and robotics in this case... military buildouts are more government money of which there is no shortage - printer go brrrr)

It also means buoyant (feverish?) market sentiment and conditions.

Nothing like three “blockbuster” USA technology IPOs to get the global “animal spirits” flowing...

While we write a lot about resources, critical minerals and precious metals, we’ve always had a soft spot for technology.

And we will generally invest in one tech stock each year.

...and the running internal joke being that for some reason our tech (and biotech) stocks seem to perform better than many of our resources stocks - don't ask why because we don’t know.

(maybe it’s all those high-risk explorers we like so much stinking up our averages - “you need 9 losers to get to one outsized winner” and all that)

So in the spirit of the three upcoming “blockbuster” USA technology IPOs, here is what some of our tech companies have been doing.

Our current best candidate to achieve 10 bagger status is a company developing AI...

EIQ hit a new all-time high: 15c to $1.40... almost a 10x

Echo IQ (ASX:EIQ) is using AI to detect heart diseases.

This week EIQ closed on a new all time high at $1.40.

(and it's doing $ millions in volume every day.)

Our entry price was 15c back in September 2024.

The catalyst the market is anticipating is FDA 510(k) clearance for EIQ’s Heart Failure detection tech.

EIQ submitted the application in December 2025.

The standard FDA review timeline puts the decision window squarely in mid-2026 (any day now surely).

Here is an image from our EIQ update from a few weeks ago when it was 95c, now at trading at $1.40:

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

Read our latest EIQ note here (back when it was a mere 5 bagger): EIQ: Our quiet 5 bagger - FDA decision on AI detection of Heart Failure tech... due within coming weeks

Speaking of AI tech - ROC

RocketBoots (ASX:ROC) has AI tech focused on “detection” too.

Detecting when us humans “accidentally” scan a bottle of water in the self checkout aisle with a giant 65 Inch TV in the trolley?

Accidentally of course.

ROC’s “Vision Artificial Intelligence” technology is used by giant companies to analyse and respond to in-store customer behaviours.

Allowing them to improve and optimise operations across their sites (including reducing self checkout theft).

ROC currently has a US$9.1M ARR (Annual Recurring Revenue) contract with a Tier-1 global retailer.

That deal was signed back in December and then followed up with an implementation contract worth $3.3M in March.

(so ROC will be paid that $3.3M to roll out its US$9.1M ARR contract).

(source)(source)

ROC responded quite well to this news (the big jump at the very start of 2026):

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

It’s been a while since our last ROC note (30th March) - but we went through the quarterly in detail and found a few nuggets of info:

• 35 customers covering >45,000 sites by 31 March.
  
  ROC's early-stage pipeline grew from 27 customers (covering 32,000 sites) in December to over
• 14 customers operating >17,000 sites The advanced pipeline (the bucket of customers further along than "early stage") is sitting at

Looks like a lot is happening in the background... hopefully meaning more deals are on the way.

Read our latest ROC note here: ROC (AI for giant banks and retail store chains) announces another ~$3.3M revenue... on top of its $9.1M annual recurring revenue deal.

Tech for another giant industry (hospitals) - ONE

Oneview Healthcare (ASX:ONE) sells technology to hospitals that improves the patient and care experience.

It connects the patient in the hospital bed to nurses, doctors, medical specialists, meal service, records, educational content, and entertainment.

ONE helps make hospitals run better and more efficiently.

(and for anyone that has been to or worked at a hospital, despite healthcare workers doing their best, it can be an incredibly inefficient place at times)

ONE has also delivered a solid run since we first Invested back in 2021:

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

This week ONE announced an “Epic” new revenue channel...

Read our latest ONE note here: ONE’s New Revenue Channel - It’s Epic

AL3 - 3D printing complex metal parts for military, aerospace and shipbuilding

AML3D (ASX:AL3) builds large-format additive manufacturing systems and sells the software that runs them.

A fancy but technical way of saying 3D printing metal parts.

The kind of metal 3D printing that produces ship components, missile housings, submarine parts, propeller blades.

Anything where you need a complex metal shape but the traditional route is too slow, too constrained, or simply unavailable.

(source)

AL3 kicked off the year with two bangs:

• A $9.9M order from America’s largest military shipbuilder, and
• A $2.6M parts order for the US Navy submarine program.

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

Read our latest AL3 note here: AL3: New $2.6M US Navy submarine parts order... A week after $9.9M military shipbuilding order.

PR1 - Carbon Nanotube Fibres (CNTF) for thermal management.

Hyperscale AI data centres, robots, advanced weapons all use electricity...

and hence need cooling (thermal management).

Thermal management is currently achieved using conductive metals copper or aluminium to pull away and dissipate excess heat.

Our Investment Pure Resources (ASX:PR1) is developing a lightweight, thermal management alternative to copper and aluminium with Rice University in the USA:

Carbon Nanotube Fibres (CNTF) for thermal management.

This week AL3’s Managing Director Sean Ebert joined PR1 as board advisor.

Sean spent the last three years as the architect behind another one of our Investments AL3.

Under his tenure AL3 qualified its way into the US Navy, US Air Force, US DoD, and major prime defence-contractor procurement channels.

Check out AL3’s accreditation list from its recent preso:

(source)

Qualifying to sell into US defence procurement is not easy.

It can take years of audits, certifications, repeated demonstrations, security clearances, and relationship-building.

Why does this matter for PR1?

Because PR1's addressable market for its thermal management technology is across AI data centres AND directed-energy / autonomous-defence systems.

Specifically targeting:

• NAVSEA (US Naval Sea Systems Command)
• US Department of Defense
• AUKUS Pillar 2
• US Department of Energy
• Defence contractors - the same companies that build F-35s, Virginia and Columbia-class submarines, AESA radars and directed-energy weapons.

The exact same procurement channels Sean has just spent three years cracking open at AL3.

We said in our last note that the trigger for a big re-rate in PR1’s valuation could be one of three things:

1. A reproducible lab milestone from Rice - IF PR1 can show its nanotube fibre working as a thermal interface material in an industry-relevant test, the market could get interested fast.
   
2. A defence or hyperscale customer signal - a deal with an AI data centre builder interested in CNTF heat sinks, or a US government agency (PR1 is already engaging with DoE and DoD funding programs).
   
3. A cornerstone institutional capital event - like Adisyn did, a specialised investment fund seeing the potential and taking a position, which could wake up the broader market.

Sean's appointment could help with catalyst #2 on that list and arguably toward catalyst #3 as well.

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

Read our latest PR1 note here: PR1: Test results show 1.5x more conductive than copper, 2.5x more than aluminium - an alternative material for cooling AI datacentres, robots and weapon systems?

Now here’s a chart we DON’T want to see going up... we are “monitoring the situation”.

Some nice looking share price charts going up so far.

Here’s a chart you DON’T want to see going up, especially not this fast, this quickly:

Ebola cases in the current outbreak in Central Africa.

While the Ebola outbreak news is only about 6 days old, so far this one is looking pretty bad compared the rate of growth of previous MAJOR outbreaks:

(source)

The DRC reported this new outbreak on Monday with neighbouring Uganda also confirming cases, as the week went on the case count continued to grow.

(source)(source)(source)(source)(source)(source)

Later in the week, regional health authorities were receiving international support:

(source)

So why is this particular Ebola outbreak so serious?

It's not the usual Zaire strain from past outbreaks, where lots of R&D was done and there are now field tests, treatment AND a vaccine.

It's a different strain so can’t quickly test for it, meaning it took weeks instead of a couple of days to know that there was an outbreak, because the existing field tests didn't pick it up.

There is NO approved treatment or vaccine for this strain.

This is a pretty handy one-minute explainer video.

Our Investment Island Pharmaceuticals (ASX:ILA) is developing a drug that has ALREADY shown it can work against viruses like Ebola.

Its most advanced indication is for Marburg virus - which sits in the same filovirus family as Ebola.

But back in 2014-2016 when the last major Ebola outbreak happened the US military actually helped fund Ebola research with ILA’s drug.

With this funding, animal trials were run and the drug showed it was 100% effective against Ebola inside the first 48 hours.

ILA’s drug has received over US$70 million in non-dilutive funding from US biodefence agencies and similar bodies.

IF the WHO decides to go hard and fast with finding an Ebola treatment we think ILA’s drug becomes a drug of interest again.

ILA announced two new hires this week - one who has secured US$100M+ funding deals from the biodefence sector AND another who has secured US$490M in government funding and stockpile contracts.

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

Read our latest ILA note from Monday here: ILA: World Health Organisation declares “Health Emergency of International Concern” as harder to detect strain of Ebola with no approved vaccine kills 80, spreads to major city.

See you next week, and have a great weekend.

Next Investors

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