Source: Bloomberg (paywall)
Anthropic is pursuing a combined $90.4 billion raise that would exceed SpaceX's public market debut, signaling investor conviction in AI infrastructure as a standalone category worth more than most Fortune 500 companies. The timing mirrors the IPO market's recovery after turbulent debuts, but the sheer scale of private capital concentration in a single AI company suggests the threshold for "unicorn" status has shifted—and that public markets may become secondary for the most capital-intensive AI ventures, leaving retail investors watching from the sidelines.