The Globe and Mail reports in its Thursday edition that U.S. initial public offerings raised a record $104.8-billion (U.S.) in the second quarter, driven by the historic listing of Elon Musk's SpaceX. A Reuters dispatch to The Globe says the resurgence also reached sponsor-backed companies, as several private equity and venture capital-owned firms returned to public markets. That reopened an important exit channel for financial sponsors, many of whom had been forced to hold portfolio companies longer than expected while the IPO market remained subdued. "As we enter the second half, the pipeline looks healthy," Citigroup chief executive officer Jane Fraser said, adding that the bank is looking to invest in talent to fill gaps that would help it gain market share, including in mergers and acquisitions. Wall Street is also preparing for the U.S. IPOs of Anthropic and OpenAI, which have filed confidentially. Reuters says the listings could come as soon as this year, and analysts expect each company to be valued at around $1-trillion (U.S.). Mega IPOs are typically among Wall Street's most lucrative mandates, generating hundreds of millions of dollars in fees while often leading to years of additional business.