GOOGLE'S INVESTMENTS SHOULD BE STUDIED. Google owns 7% of SpaceX and 14% of Anthropic, two of the biggest IPOs in history, both listing this year. $900 million invested in SpaceX in 2015 is now worth $126 billion, a 140x return. $13 billion invested in Anthropic is now worth $135 billion, a 10.4x return. Those two stakes are now worth $261 billion combined, an 18.8x blended return before either company has even gone public.

Anthropic has confidentially submitted a draft of its Form S-1 registration statement to the U.S. SEC. According to official information, Anthropic has confidentially filed a draft of its Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering (IPO) of its common stock. The company stated that this step allows it to pursue a listing following the SEC’s review process, though the timing of the offering will depend on market conditions and other factors. The number of shares to be offered and the offering price have not yet been determined. Anthropic also emphasized that this announcement is made pursuant to Section 135 of the Securities Act of 1933 and does not constitute an offer to sell or a solicitation of an offer to buy securities.

The IPO supply theme is turning structural. 3 mega IPOs > all dot-com IPOs combined. The mechanism isn't just "valuation"... it’s the mechanical pressure of massive insider selling and lockup expirations. Econ 101: Supply & Demand

The 2000 IPO Collapse – and Why Burry's Watching Michael Burry, who predicted the 2008 crisis, recently noted that the upcoming IPOs of SpaceX, OpenAI, and Anthropic could raise as much capital as more than 300 internet and tech IPOs did in 2000 combined. That year is the cautionary tale. The U.S. IPO market produced 446 deals raising $108.15 BILLION, led partly by foreign issuers and AT&T Wireless's $10.62 BILLION offering – the largest U.S. issuer IPO in history. A euphoric Q1 saw the Nasdaq hit an all-time high of 5,132 on March 10, with the average IPO nearly doubling on its first trading day. Tech accounted for roughly 70% of all deals in the first three quarters. Then it broke. That tech share fell to 48% in Q4 as the sector that drove the mania was abandoned. Once-high-flying start-ups that raised at peak valuations faced layoffs, distressed sales, and bankruptcy. By Q4, only 58 IPOs priced and gross proceeds collapsed 63% to $17.45 BILLION – just nine in all of December. The Nasdaq closed the year at 2,470. The market wide open in March was effectively closed by December. The "irrational exuberance" had fully reversed.

What will the biggest IPO of 2026 be?

🚀 Anthropic Files Confidential Draft S-1 @AnthropicAI said it has confidentially submitted a draft S-1 registration statement to the SEC for a proposed IPO. The company said the offering remains subject to SEC review, market conditions and other factors, with share count and pricing not yet determined.

🔥 Anthropic secretly files for IPO with a $965 billion valuation, surpassing OpenAI. · First AI superunicorn to officially launch its IPO process · Could list on capital markets as early as this fall The AI arms race has moved from pure spending to going public and cashing out. The bubbles inflated in the private market are now lining up to be dumped into the public market. Times have changed. 🧊