September 4, 2026
Bonus Content: Anthropic’s $2 Trillion IPO Has a SpaceX Warning Sign
Editor’s Note: Elon’s next launch will be bigger than SpaceX, Tesla and xAI combined, says the man voted America’s #1 stock picker in 2020. Get the full story from my colleague while there’s still time.
Dear Reader,
The U.S. Treasury is preparing to make a major change to how you access Social Security.
The IRS are involved, too.
As is Elon Musk.
And President Trump.
In fact, the White House has already passed TWO Executive Orders paving the way for a radical change to how millions of Americans spend, save and access government benefits.
It could be the biggest shift to our money system in decades and change the way you receive your social security check.
One Wall Street insider says banks should be ‘scared s**tless’.
And Elon Musk says it could be the end of traditional banking as we know it.
It all comes down to a $480 trillion reset that could change your life in several very strange ways.
It’s been approved in 50 states already.
And the technology involved is being rolled out all over our country.
Get the full story today, before it’s too late.
Best,
Luke Lango
Senior Investment Analyst, InvestorPlace
P.S. The last time I saw a change like this coming you could have made as much as 31,000% over the course of a decade. This time, the gains could be even bigger.
Anthropic’s $2 Trillion IPO Has a SpaceX Warning Sign
The banks are confirmed. The valuation talk is staggering. What is not confirmed is that any of it survives contact with the public market.
Anthropic has selected Morgan Stanley and Goldman Sachs to lead its IPO, with JPMorgan Chase also involved in the deal, according to Bloomberg’s reporting. That bracket is Wall Street’s equivalent of an all-star lineup, and it signals something important: Goldman Sachs and Morgan Stanley have been fighting for share in tech IPOs, and landing both on the same deal is a statement about how seriously each bank is taking the fee opportunity here. The competition between them for the lead-left position on Anthropic’s prospectus cover is a separate story worth watching.
The Numbers Behind the Hype
Anthropic’s annualized revenue run rate reportedly topped $65 billion by the end of July 2026, up from roughly $47 billion in May and about $9 billion at the end of 2025, according to Axios and other recent reporting. That trajectory has no clean precedent in enterprise software history.
But readers should separate run-rate headlines from reported results. The most specific profitability figure in circulation comes from internal projections described by The Information: Anthropic expected about $559 million of operating profit in the June quarter on roughly $10.9 billion of revenue. More recent coverage has also described preliminary Q2 revenue as above $11.5 billion. Until the S-1 is public, it is best to treat these as investor materials and press reporting, not audited financial statements.
The $2 Trillion Problem
Here is where the investor calculus gets uncomfortable. Reuters has reported that Anthropic’s IPO valuation discussions have been tied to internal 2028 revenue forecasts of roughly $190 to $200 billion, with valuations in the $1.5 to $2 trillion range also discussed. Reaching $190 billion in annual revenue by 2028 would require sustained hypergrowth that almost no company at this scale has ever achieved.
There is also a structural accounting concern the full S-1 must address. Axios has reported that Anthropic and OpenAI recognize some cloud-partner sales differently, which can make comparisons look bigger or smaller depending on gross-versus-net treatment. How Anthropic accounts for cloud partner commissions and compute-related costs in its revenue and expense lines will directly affect how public investors model margins.
SpaceX Is the Cautionary Comp
The cautionary comp is real, but it is not what this draft claimed. SpaceX did not “list days” ago and it has not “erased more than a trillion dollars of value” since a peak; those figures were not supportable.
What is supportable: SpaceX completed a June 2026 IPO at $135 per share, as reflected in its SEC filing, and post-IPO trading has been volatile. Multiple outlets reported the stock later traded below its IPO price in mid-July, and other reporting has put the stock in the $130s to $170s range at various points during the post-debut pullback. That is the fresher data point Anthropic’s roadshow team must now address in institutional investor meetings: even the most anticipated listing can be “right-sized” quickly when public liquidity meets a crowded story.
Reuters also reported on August 27, 2026, that Anthropic is planning to publicly unveil its IPO prospectus after Labor Day, with a potential listing in late September or early October. That timing lands the roadshow squarely in front of a mid-September FOMC meeting and an equity market already resetting AI multiples.
Bottom Line
The bank selection is not the event. It is the starting gun. The public S-1 will tell the real story: revenue mix, customer concentration, gross margin, compute obligations, capital intensity, losses, related-party relationships, and how Anthropic describes frontier-model risk in legal language. Until that document is public, everything else is a press release dressed as a valuation.
SpaceX’s post-IPO swing is the warning sign that matters: blockbuster debuts can still trade down to, or through, the offer price within weeks. Anthropic may show better unit economics than SpaceX did at debut. Whether the market gives it credit for that, at a $2 trillion ask, is a different question entirely.
