An Upcoming IPO Could Soon Surpass NVIDIA As The World’s Most Valuable Company (It’s Not SpaceX)

The biggest IPO speech close present centers connected SpaceX's reported June 12 listing. Gavin Baker, laminitis and Chief Investment Officer of Atreides Management, thinks investors are watching the incorrect name.

On a caller occurrence of the Invest Like the Best YouTube channel, Baker argued that Anthropic, the backstage AI laboratory down Claude, has a much dynamic trajectory than SpaceX and is the astir credible semipermanent campaigner to yet surpass NVIDIA (NASDAQ:NVDA) arsenic the world's astir invaluable company. Baker's thesis hinges connected wherever AI economics yet concentrate.

That's a striking claim. NVIDIA presently sits astatine a marketplace capitalization of $5.2 trillion, with the banal up 55% implicit the past year. Baker's lawsuit rests connected wherever AI worth yet accrues and however accelerated Anthropic is compounding.

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Baker's Big Number connected Anthropic

Baker's editorial punchline was a azygous comparison. "The 3 highest illustration SaaS companies founded successful the past 10 years are Palantir Technologies (NASDAQ:PLTR), Snowflake (NYSE:SNOW), and DataBricks. Anthropic conscionable added their combined concern successful 1 month."

The supporting numbers, per reporting and manufacture estimates Baker referenced, are eye-catching. Anthropic reportedly started the twelvemonth astatine a small implicit $10 cardinal successful annualized gross and is present astatine a $45 cardinal annualized gross tally rate.

That acceleration is hard to exemplary adjacent by AI-era standards. Baker positions Anthropic's maturation curve arsenic the astir assertive endeavor bundle ramp ever recorded, with Claude capturing important stock of frontier exemplary usage crossed coding, agentic workflows, and endeavor deployments.

The Valuation Setup Against SpaceX

Anthropic precocious raised astatine a $900 cardinal valuation. Baker's presumption was that marketplace request would enactment a rise person to $1.8 trillion if the institution wanted to terms astatine that level.

That estimated demand-implied valuation lands successful astir the aforesaid zip codification arsenic SpaceX's reported IPO target. Baker's statement is that Anthropic's underlying concern is increasing acold faster than SpaceX's, making the examination little astir size contiguous and much astir slope.