Anthropic Funding Makes SpaceX IPO Look Overvalued

SpaceX plans to raise about $75 billion at a $2 trillion valuation, which would be the largest IPO ever, but Anthropic recently raised funds valuing it around $965 billion with strong run-rate revenue and improving profitability, contrasting SpaceX’s high multiples and GAAP losses. The comparison suggests Anthropic is a better value and investors may want to wait for Anthropic’s IPO rather than jumping into SpaceX.