Just 3 companies are now worth more than 45 years of tech IPOs.

Steve Rattner put it in one chart this week. SpaceX at the $2 trillion it first traded at in June, Anthropic at the $2 trillion investors expect when it lists, and OpenAI at $1.2 trillion come to $5.2 trillion.

Every U.S. tech IPO from 1980 through 2025, all 3,365 of them, added up to $4.1 trillion on their first day of trading.

Think about it. 

Amazon’s first day is in that number, and so are Google’s and Facebook’s, and 3 companies beat all of them combined.

And Anthropic keeps getting bigger before it even lists. 

According to The Information, it has signed about $531 billion of computing deals in the past 11 months, and it’s in talks on a data center buildout that could cost another $40 billion.

SpaceX came first, in June. Anthropic is next, with its listing targeted for November, and OpenAI has said it won’t go public this year.

None of that stock hits the market all at once. Most of it can’t be sold on day one, and it comes loose in stages as the lock-ups end.

And even if you never buy a share of Anthropic, you may already own a piece of this. 

If you own big tech, there’s a good chance you own something tied to it, because Hans counts 50 to 100 public companies connected to Anthropic, and they’ll feel it when it lists.

The good news is that a listing this size gives you 3 separate chances to trade it, and I trade all 3: the pre-trade, the post-trade and the post post-trade. 

There’s a specific plan you can follow with IPOs this big, and we followed it with SpaceX.

I’m going live tonight at 6pm Eastern with Hans and Hannah to walk through that plan for Anthropic, phase by phase, along with the names we’re looking at. 

It’s free, but you have to register. 

Your only option,
Mark Sebastian

P.S. SpaceX’s first big lock-up comes off in December, right around the time Anthropic should be trading. Tonight we’re getting into what that overlap could mean.