The Globe and Mail reports in its Saturday edition that SpaceX debuted on Friday with a record-setting initial public offering, raising $75-billion (U.S.), more than double the previous record held by Saudi Aramco in 2019. The Globe's Ian McGugan writes that Anthropic and Microsoft-backed OpenAI have filed to go public soon and are expected to receive an enthusiastic reception based on this week's actions. These three mega IPOs could shape stock market performance for this year and beyond, marking a shift from a shrinking supply of stocks to a growing one. The U.S. stock market has shifted from being a tool for companies to raise money to a mechanism for returning capital to shareholders through share buybacks. In recent decades, companies have repurchased and retired more shares than they have issued. Federal Reserve data show that net equity issuance by U.S. companies has been persistently negative since the early 2000s. Former Citigroup analyst Robert Buckland refers to the trend of decreasing share supply as de-equitization. He argues that this reduction has significantly contributed to the soaring stock valuations, as investors are willing to pay increasingly higher prices for the remaining shares.