Ygal el Harrar, who serves as global head of equity capital markets for the technology industry at BNP Paribas, said in an interview in Paris that large U.S. technology listings are generating momentum that could lift activity in Europe's tech market.
“Liquidity attracts liquidity,” he said, adding that when major technology companies list in the United States, it creates follow-on effects.
“If you're having big tech companies listing in the US, it's going to make babies and it's going to feed the economy.”
El Harrar was named to his current role earlier this year as BNP Paribas seeks to expand its equity capital markets presence in the technology sector. Prior to this appointment, he led the bank's venture capital coverage.
He pointed to several high-profile filings in the U.S. as drivers of market interest. Space Exploration Technologies Corp., OpenAI and Anthropic PBC have each filed for public listings in the United States. Collectively, that pipeline is estimated at about $3.6 trillion in potential offerings.
El Harrar said the scale and investor interest surrounding those companies is producing effects beyond U.S. borders. In recent months, he noted, American investors have increasingly explored opportunities in Europe, a shift that could support more European tech stock sales.
Beyond investor flows, El Harrar emphasized that expanding research coverage for emerging technology areas could help bring more companies to the public markets. He cited quantum as an example of a critical yet nascent field where broader public awareness and follow-through from research analysts would be beneficial.
“For critical but new sectors like quantum for instance, there is a need for more public awareness and make sure its evolution will be followed and understood,” he said, framing enhanced coverage as one possible catalyst for more listings.
The comments come as global capital markets watch a cluster of potential large listings in the United States and consider how that activity might influence investor appetite and deal flow elsewhere, including in Europe’s technology sector.