Jeremy Grantham Says Mega IPOs Could Break the S&P 500

Jeremy Grantham Says Mega IPOs Could Break the S&P 500

Jeremy Grantham has been calling the U.S. stock market overvalued for over a decade. He’s been wrong — until now, maybe. The legendary co-founder of GMO just dropped a new warning that has nothing to do with earnings multiples or interest rates. His target: the wave of mega IPOs headed for Wall Street this year, led by SpaceX and OpenAI. His argument is simple and uncomfortable — when trillion-dollar companies go public at nosebleed valuations a…