The Supertech Race: Capital, Bubbles and the Concentration of the Future

Source: Corriere della Sera – “The Race of the ‘Supertech’ Companies to Go Public and Raise Rivers of Capital (with Bubble Fears Persisting)”, 13 December 2025

IPOs, record valuations and an insatiable appetite for capital

The Corriere della Sera article describes the new rush to stock market listings by major artificial intelligence companies—from SpaceX to OpenAI and Anthropic. Astronomical valuations, unprecedented capital inflows and growth expectations betting on a future dominated by AI define this phase.

Finance is anticipating power: even before these models prove long-term sustainability, markets are assigning them a central role in the global economy.

Innovation or a new systemic bubble

Behind the enthusiasm lies a structural tension. Many of these companies are not yet profitable, yet they are raising billions on the basis of technological promises and near-messianic narratives. AI becomes the symbolic asset onto which visions of infinite growth, cost reduction and total automation are projected.

Fear of a bubble is not only about markets; it concerns the concentration of technological power in very few hands, capable of shaping economies, labour and information.

Big Tech and asymmetric accumulation

The supertech race reinforces a dynamic already well known: those who control models, data and computational infrastructure accumulate advantages that are extremely difficult to bridge. IPOs do not democratise innovation; more often, they consolidate technological oligopolies.

The result is an ecosystem in which risk is widely distributed, while control remains highly concentrated.

Beyond the narrative of progress

The article raises a crucial question: what happens if the digital future is decided by markets before institutions? AI is not merely a technology; it is a form of economic and symbolic power. Without rules, limits and accountability, the promise of innovation can turn into a new systemic imbalance.

Algopolio exists to dismantle these automatic narratives: progress does not coincide with the financial growth of Big Tech. It coincides with the ability to guarantee rights, pluralism and democratic control in an economy increasingly driven by algorithms.