Tyler Crowe

It could end up being the largest IPO ever

or at least in the top five.

Now, there's been a lot of hype for AI-related IPOs this past year in 2025.

We've seen companies like CoreWeave go for almost $100 billion, or at least what they were looking for.

We've seen companies like Fermi, a lot of pre-revenue companies in the AI kind of picks and shovel space going for massive valuations, even though they really haven't done anything yet other than put a plan on paper, and we're getting these very ambitious valuations.

Matt, I have to assume that with this IPO Anthropic's looking at, they're looking for a big payout here, right?

I'm trying to start to think.

Eventually, you see these massive numbers being put up in the private valuation space.

granted the private markets in whether it be venture capital whether it be uh you know kind of insurance companies we're seeing companies like brookfield asset management or these kind of alternative asset managers that are have a lot more money sloshing around to make investments like this eventually the private markets are going to tap out with the amount of money they can give to it so the public market almost seems inevitable for these companies and to your point

Anthropic is perhaps getting to it early enough before there's enough doubt or skepticism when it comes to AI spending that perhaps these valuations start to wane before it's time to go public.

Now, I'm not the most up-to-date, most advanced large language models in some of the things that these AI companies are doing, but it does seem, based on other media outlet

reports and tech reviews and things like that, it appears that Google's Gemini 3 is getting rave reviews.

So good that there was even a recent Wall Street Journal article that came out talking about a memo at OpenAI declaring a code red to basically improve chat GPT over some of the other

and kind of delaying a lot of the side projects that they were working on outside of chat at GPT.

It's kind of like a, hey, we've got to get this right, because the competition's coming fast.

Thinking about that idea of this space is becoming more competitive.

We're talking about an anthropic IPO and Google Gemini and all of that.

With it about to be IPO, we're assuming OpenAI is going to do an IPO because they've been flirting with it for a while.

Maybe Elon Musk's XAI goes public.

I doubt that one.