Anthropic’s IPO could be the biggest ever. Your AI budget helps explain why

Good morning. Anthropic hasn’t filed its S-1 yet, but one of its early backers is already predicting the biggest IPO ever. A longtime Anthropic investor, who asked not to be named, told Fortune’s Shawn Tully that he expects the shares to be priced at around $1.8 trillion—below the company’s reported $2 trillion target. He predicts a post-IPO trading value of $2.3 trillion to $2.4 trillion, surpassing SpaceX’s $2.1 trillion market cap at the close of its first trading day. He argues that figure reflects Anthropic’s underlying worth, not a short-lived first-day pop. For finance professionals, however, the more consequential story may be the economics…