Anthropic Courts Nvidia as $10B Anchor for Record-Setting $100B IPO

If executed, this listing would leapfrog Saudi Aramco’s 2019 debut and echo the 1999-2000 dot-com crescendo when VA Linux soared 698 % on day one, only to halve within a year—illustrating how infrastructural gold-rushes can overcapitalise new platforms. The bid for a $2 trillion valuation after a 5× mark-up in seven months signals a capital-supply imbalance similar to Japan’s 1986-89 asset bubble, where excess liquidity chased scarce marquee names. Long-term, it underscores a structural shift: value is migrating from chipmakers to the application layer of AI stacks, and hyperscalers are locking in compute demand through equity. Whether Anthropic sustains margins once GPU scarcity normalises will shape not only tech indices but also how the next century prices knowledge-work automation.