花旗集团全球股票资本市场联席主管表示，随着对人工智能扩张支出（特别是数据中心资金）不断上升的担忧在市场蔓延，投资者在不久的将来对首次公开募股（IPO）的选择将变得更加挑剔。
Investors will become more selective in the near future when it comes to initial public offerings, as rising concern about the spending on the artificial intelligence expansion — particularly data center funding — ripples across the market, according to Citigroup Inc.’s co-head of global equity capital markets.
阿洛克·古普特（Aloke Gupte）在香港接受采访时表示：“市场正在密切关注近期发生的事件，一旦局势平息，鉴于这些企业需要继续筹集资金来为其建设提供资金，投资者在决定支持谁时将更具识别力。与所有行业一样，市场上存在一些杰出的资产。”本月，波动性席卷了全球数据中心运营商。第一天数据中心有限公司（DayOne Data Centers Ltd.）正在权衡其美国IPO的选项，包括可能推迟或缩减规模；Nextdc有限公司的股价在周三暴跌42%，此前电力延迟导致其业绩指引被大幅下调；韩国新云计算企业Elice Inc.在周二的上市首日暴跌32%。
“Recent events are being closely watched by the market and once things settle down, investors will be more discerning around who to back, given these businesses will need to continue raising capital to fund their buildouts,” Aloke Gupte said in an interview in Hong Kong. “As in all sectors, there are some exceptional assets out there.”Volatility swept through data center operators around the world this month. DayOne Data Centers Ltd. is weighing options for its US IPO, including a potential delay or size cut, Nextdc Ltd. shares sank 42% Wednesday after power delays prompted a sharp guidance cut, and South Korean neocloud Elice Inc. tanked 32% in its Tuesday debut.
澳大利亚的Firmus Grid有限公司撤回了约50亿美元的IPO计划，而英国的Nscale有限公司则在其目标估值上面临阻力。作为最大、最著名的新云计算企业，CoreWeave公司的股价本月下跌了约30%，其债券跌至陷入困境的水平。
Australia’s Firmus Grid Ltd. pulled its roughly $5 billion IPO, while Britain’s Nscale Ltd. is facing pushback on its target valuation. Shares of CoreWeave Inc., the largest and most prominent neocloud, is down about 30% this month and its bonds reached distressed levels.
至少目前，这种影响正在给全球交易狂热的步伐泼冷水。根据彭博社汇编的数据，今年以来，全球IPO、配售和大宗交易已筹集超过8400亿美元，创下2021年以来的最高纪录。美国和以中国企业进入市场为中心的亚洲引领了这波募资热潮，尽管近期债券收益率的飙升和糟糕的交易表现已使投资者和发行人变得更加谨慎。
The impact is putting a damper on the furious pace of global dealmaking, at least for the time being. IPOs, placements and block trades raised more than $840 billion so far this year globally, the most since 2021, according to data compiled by Bloomberg. The US and Asia — centered around Chinese companies tapping the market — led the fundraising spree, though the recent surge in bond yields and poor deal performance have made investors and issuers more cautious.
下一个考验是11月。古普特表示，在美国中期选举之后，公司将权衡以什么估值出售多少股票。古普特所在的公司在参与了亚洲和美国一些最大规模的股票发售后，在截至9月的今年全球IPO承销排名中跃居首位。
The next test is November. After the US midterm elections, companies will weigh how much stock to sell at what valuation, said Gupte, whose firm took the top spot in global IPO underwriting for the year through September after working on some of the biggest share sales in Asia and the US.
Anthropic PBC也计划于下月上市，这场重磅首秀令一些投资者预期将吸纳大量资金，而其他美国发行项目则已推迟或缩减规模。
Anthropic PBC is also targeting to go public next month, a blockbuster debut some investors expect to soak up capital while other US offerings have been delayed or downsized.
不过，古普特表示，一旦这些大关过去，他预计交易流明年将再次加速。他说，全球股权发行热潮远未结束，发行方仍在推进IPO计划，这表明2027年的融资将再次强劲。
Once those big hurdles are out of the way, though, Gupte said he expects the deal flow to ramp up again next year. The global equity issuance boom is far from over, he said, adding that issuers are still moving forward with IPO plans, which suggests that 2027 fundraising will be strong again.
古普特说：“活动的速度将保持下去，因为其中很多是长期聚焦的。上市的意愿依然像以往一样强烈。”他说，AI为股权资本市场创造了一个“超级周期”，提振了整个生态系统的活跃度，这与过去由单一主题、地域或行业驱动的年份不同。古普特引用了近期施耐德电气60亿欧元（约67亿美元）的股票发售，以及联华电子18亿美元可转债发行等交易，作为大额交易即便当下仍在推进的证据。
“The velocity of activity will remain, because a lot of it is long-term focused,” Gupte said. “The desire to IPO remains as strong as it’s ever been.”AI has created a “supercycle” for equity capital markets, lifting activity across the entire ecosystem, unlike years driven by a single theme, geography or sector, he said. Gupte cited recent deals like Schneider Electric SE’s €6 billion ($6.7 billion) share sale and a $1.8 billion convertible bond offering by United Microelectronics Corp. as evidence that big transactions are progressing even now.
他说：“即使市场保持波动，大额交易也会完成。这些是里程碑式的交易，规模巨大。因此它们将继续完成，但与年中相比，在年底前的节奏可能会放缓。”
“Even if markets remain volatile, big transactions will get done,” he said. “These are landmark transactions and large sizes. So they will continue to get done, but it may be a slower pace in the run up to the end of the year versus what you saw in the middle of the year.”