Economist Mohamed El-Erian said investors should pay closer attention to “sources and uses of funds” as OpenAI joins SpaceX and Anthropic in tapping public markets, warning that a wave of IPOs is arriving alongside heavy borrowing needs from corporations and governments.

In a post on X Tuesday, El-Erian described the trio as part of an “unprecedented wave of IPOs” and argued that the growing demand for capital could have broader implications for financial markets and the global economy.

Sources And Uses Of Funds

El-Erian said the companies are entering public markets at a time when companies and governments around the world are simultaneously seeking large amounts of capital.

“It comes on top of substantial bond funding demands from other corporations and, of course, governments worldwide (refinancing and net new issuance),” he said.

The economist added that this “intense demand for capital” makes “sources and uses of funds” analysis increasingly important, suggesting investors should pay closer attention to how capital is flowing through financial markets and the broader economy.

Good morning.OpenAI has "officially" joined ...