Anthropic IPO Might Crush OpenAI (And SpaceX?)

Anthropic just confidentially filed its S1, and the most expensive IPO race is officially on. Three companies chasing trillion-dollar valuations at once, a surprise $500M AI bill that nearly broke a CFO, and the Nasdaq rule change forcing index funds into unprofitable AI startups within 15 days of listing. We break down why it matters to you and to the economy. CHAPTERS00:00 Anthropic files its S100:44 Valuation and fundraising targets01:32 Is this the largest IPO ever02:12 Can public markets absorb three mega IPOs03:04 Anthropic vs OpenAI narrative and business strength04:28 Retail investors and the Nasdaq rule change05:33 Sam Altman's IPO timeline and OpenAI struggles07:13 Which company goes public first wins the market08:26 Questions about Anthropic's revenue and governance10:24 The AI business model problem10:57 Token costs are exploding for enterprise customers12:12 Enterprise ROI doubts and Uber's candid assessment14:16 The zombie unicorn problem and what it signals16:16 Wrap and Friday SpaceX episode previewIF YOU LIKED THIS, WATCH:→ SpaceX Nasdaq Fix https://youtu.be/Cu2uxh6noc8 → Anthropic Hits $965B Valuation https://youtu.be/7FM0DL_It3A → OpenAI IPO Race Gets Scrambled https://youtu.be/PVDw6b4tb5w SOURCES & FURTHER READINGAI IPOs Confidential Filings And SEC ProcessHow confidential S 1 filings work for AI companies going public: https://www.anthropic.com/news/confidential-draft-s1-sec SEC draft registration statement process explained for IPO filings: https://www.sec.gov/about/divisions-offices/division-corporation-finance/draft-registration-statement-processing-procedures-expandedAI Costs ROI And Enterprise Spending CrisisAI spending surge raises ROI concerns across enterprises: https://www.axios.com/2026/05/28/ai-spending-roi-enterprise-costs Company reportedly spends 500 million on Claude AI with uncertain returns: https://finance.yahoo.com/sectors/technology/articles/company-blew-500m-claude-ai-173519468.html AI cost crisis hits tech giants as token usage explodes with agentic AI: https://www.tomshardware.com/tech-industry/artificial-intelligence/ai-cost-crisis-hits-tech-giants-as-employee-tokenmaxxing-backfires-agentic-ai-eats-up-to-1000x-more-tokens-than-standard-ai-sparks-corporate-pullback-at-microsoft-meta-and-amazon AI Valuations Strategy And Industry SignalsAI startup valuations compared to pre ChatGPT era trends: https://www.cnbc.com/2026/06/01/ai-startup-valuations-pre-chatgpt.html Microsoft CEO signals major shift in AI strategy and workforce direction: https://www.thestreet.com/technology/microsoft-ceo-sends-shocking-message-to-employees Eric Ries on building durable mission driven AI companies including Anthropic: https://www.youtube.com/watch?v=PoJ1vTdHpks SpaceX Financials And Market BenchmarksSpaceX S 1 financial charts reveal growth profitability and scale: https://pitchbook.com/news/articles/