IPO

Going public raises money and lets early investors and employees sell their shares, but it comes with obligations: audited accounts, quarterly results, and a legal duty to tell shareholders things you might rather keep quiet.

It shows up constantly in AI coverage because several of the biggest labs are heading that way, and the run-up changes their behaviour in visible ways. Companies preparing to list tend to lock in long-term supply deals, show revenue growth, and tidy up their corporate structure, which is why compute contracts and advertising businesses suddenly appear in the news at the same time.