Morning Minute: What Anthropic’s $1.4 Trillion IPO Means for Crypto
Summary
Anthropic set its IPO range at $70–$78 per share, targeting up to about $1.02 trillion in basic valuation and $1.405 trillion fully diluted. The IPO and a $26 billion supplier-funded private placement could raise roughly $84.6 billion, largely for computing capacity. The company reported $33.2 billion in revenue over nine months, a $1.26 billion operating loss, and substantial future spending commitments. The newsletter argues the IPO may draw retail money away from crypto, but its public-market allocation is smaller than SpaceX’s. Using SpaceX’s past listing as a comparison, it speculates Bitcoin could fall about 5% more before the IPO, while stressing that the market bottom may already be near.
