According to CoinMeta, Anthropic is seeking to raise up to $90.4 billion through a initial public offering (IPO) and private placements, which could surpass the financing record set by SpaceX. This IPO has reportedly been “over-subscribed” multiple times, driven mainly by large orders from institutional investors, including long-term funds. The funds raised from Anthropic alone will exceed the total of Saudi Aramco and Alibaba. The two largest IPO in history may be completed in the same year, but they are facing distinctly different market environments. The shares of SpaceX were listed at record highs, with their market value increasing by about $330 billion on the first day, and the broader stock market also closed higher. Optimism regarding a potential peace agreement between the United States and Iran also contributed to this upward trend. Although SpaceX went public against an optimistic backdrop, Anthropic faces pressure on its shares. Therefore, the debut of Anthropic is more of a test of confidence in AI rather than a clear catalyst for a rise.