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public markets want LLMs defense and robotics

April 5, 2026Jason Shuman

Jason Shuman says a top IPO banker told him public investors only want three categories right now: large language models, defense, and physical AI. He lists OpenAI and Anthropic, Anduril and Saronic, and robotics integrators as examples.

“the public markets only want three things right now”
“1. Large language models - OpenAI, Anthropic, etc.”
“2. Defense - Anduril, Saronic, etc.”
“3. Physical AI (robotics and vertical integrators)”
Jason Shuman
marketsfundraisingAI

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