Anthropic Wants to Beat SpaceX’s IPO, and It Could Reprice Every AI Stock You Own

Anthropic executives believe their upcoming public offering will match or exceed the $75 billion that SpaceX raised in June, and the company could file for its public listing before the end of the month, according to a Bloomberg report as reported on CNBC by Andrew Ross Sorkin. The valuation Anthropic prints will anchor the comp OpenAI's bankers use next, and both Microsoft and Amazon hold Anthropic as an investment, with Amazon's Q2 report showing $53.4 billion in non-operating pre-tax income tied largely to marking up the Anthropic stake.

Anthropic executives believe their upcoming public offering will match or exceed the $75 billion that SpaceX NASDAQ:SPCX https://247wallst.com/companies/SPCX/ | SPCX Price Prediction https://247wallst.com/companies/spcx/price-prediction raised in June in what was then the largest first-time share sale ever, per a Bloomberg report, as reported on CNBC by Andrew Ross Sorkin. The company could file for its public listing before the end of the month, and it has pointedly avoided naming a valuation in recent investor briefings. That silence is the actual story. Raise size and valuation are different numbers, because a company can sell a small slice of itself for an enormous check and defend almost any market cap the syndicate wants. Sorkin’s claim that the industry is waiting on Anthropic is really about the second number, since “the entire industry is largely dependent on what valuation Anthropic comes up with, because then it will move towards what valuation OpenAI ultimately comes up with.” Both Microsoft NASDAQ:MSFT https://247wallst.com/companies/MSFT/ and Amazon NASDAQ:AMZN https://247wallst.com/companies/AMZN/ hold Anthropic as an investment and have booked large non-operating gains from earlier rounds. Whatever mark Anthropic prints will move those carrying values and anchor the comp OpenAI’s bankers will use next. Reading Anthropic’s Silence On Price The refusal to discuss valuation is a negotiation tactic and probably a smart one. Bankers prefer to let demand set the range, and every leaked target then reads as a floor rather than a ceiling. There is also positioning at work. SpaceX is a company with hard assets, cash flow, and a two-decade operating history, while Anthropic sells tokens, so the size comparison flatters the newer business. Sorkin’s view that the sector waits on this one number is fair. Private-market AI valuations have converged on a small set of comparable rounds, and each print justifies the next. Whether that is genuine price discovery or a self-referential loop depends on the S-1. Without disclosed revenue durability and specific compute obligations, the headline number is consensus about consensus, and public investors will be underwriting the private-round mark with a filing wrapper. Why Amazon Is The Closer Trade Amazon is the deeper partner to Anthropic by a wide margin. Its Q2 report showed $53.4 billion in non-operating pre-tax income tied largely to marking up the Anthropic stake, which produced a GAAP EPS of $5.75 against a $1.82 consensus. The operating relationship goes further. Andy Jassy said Anthropic and OpenAI have made “multi-year, multi-gigawatt commitments” to Trainium, and AWS grew 36.7% in Q2 to $42.2 billion, its fastest expansion in 18 quarters. AWS backlog reached $496 billion, and Jassy told investors AWS could eventually be “a trillion dollar annual revenue business.” The Anthropic relationship is a live piece of that thesis, and it is a reminder that the AI trade extends well past the chipmakers into the power, cooling, and infrastructure names doing the actual buildout we pulled seven of those into a free report here: 7 Stocks Powering the AI Boom https://247wallst.com/pages/ai-power-seven-offer-d905ec99.html . Shares are up 12.05% year-to-date at $258.63. An IPO that validates the current carrying value would be confirmation, and one priced materially higher would force analysts to rework the sum-of-the-parts for Amazon. Microsoft’s Smaller Stake And What To Watch In The S-1 Microsoft NASDAQ:MSFT https://247wallst.com/companies/MSFT/ is more of an OpenAI story than an Anthropic story. Q4 FY2026 still included a $3.2 billion gain from our investment in Anthropic as a discrete driver, and the bigger AI comp is the roughly 27% OpenAI position valued at about $135 billion after the Q1 restructuring. Satya Nadella framed models as inputs and Azure as fungible infrastructure hosting “over 11,000 models including the latest from OpenAI, Anthropic, Mistral, XAI as well as our own MAI family.” Shares are essentially flat year-to-date at $483.24 after a 24.03% one-month rally. For the S-1, the real test is whether public investors receive sufficient disclosure to underwrite the multiple without relying on private-market comps. Watch the split between primary and secondary shares, revenue concentration among a handful of API partners, and the scale of Anthropic’s compute obligations to Amazon and others. If those disclosures are thin, the IPO is a private round with a public wrapper, and the reprice it forces on Microsoft and Amazon will likely fade. If they are substantive, it becomes something a public investor can actually underwrite, and the number Anthropic prints will genuinely reset how the market values every AI-exposed name you already own. Contact email protected for any questions or corrections.