Anthropic IPO Predicted to Surpass SpaceX as Largest Ever

Anthropic's highly anticipated IPO is expected to surpass SpaceX as the largest ever, according to Tom Lauricella, Morningstar's chief global markets editor. The IPO pipeline has been reignited in 2026, and Anthropic's deal is likely to be a major player.

Lauricella predicts that institutional investors will demand ownership of Anthropic shares despite the company's unproven monetization. He notes that previous IPOs, such as SpaceX, have followed a similar pattern, with shares spiking initially but then falling below their opening price within three months.

The two public companies with the most direct exposure to Anthropic's outcome are Alphabet (NASDAQ:GOOGL) and Amazon (NASDAQ:AMZN). Both companies have significant investments in Anthropic and have benefited from its mark-to-market gains. In Q2 2026, Amazon disclosed a $53.4 billion non-operating pre-tax other income, primarily from investments in Anthropic, while Alphabet reported a $99.03 billion equity securities gain tied to the company's markup.

Lauricella warns that as AI issuers pile in, semiconductors alone now make up nearly 16% of the US stock market, and value indexes have subtly drifted to roughly 20% technology stocks. The must-own template for institutional investors is clear: buy Anthropic shares at any price, despite the risks.