Morningstar's chief global markets editor Tom Lauricella stated that Anthropic's upcoming IPO will likely be the largest ever, surpassing SpaceX. Amazon recorded $53.4 billion and Alphabet $99.03 billion in non-operating pre-tax income from Anthropic markups in Q2 FY2026, making both stocks direct proxies for the IPO. SpaceX's post-IPO volatility, which saw its stock spike 50% then fall below its opening price within three months, sets a template for Anthropic investors.