The report indicates that Anthropic is expected to go public soon with a valuation of $2 trillion, SpaceX's IPO in June this year also had a valuation of $2 trillion, and OpenAI is considering completing private financing at a valuation of $1.2 trillion and seeking to go public next year. The combined valuation of these three companies will easily exceed $5 trillion. According to data from University of Florida professor Jay Ritter, the total first-day market capitalization of 3,365 tech companies that went public between 1980 and 2025 was $4.1 trillion, meaning the valuation of these three AI giants has already surpassed that historical total. This extreme concentration of wealth is profoundly reshaping capital flows and the competitive landscape in the VC industry, with a heightened "siphon effect" by leading institutions, while the entire VC industry is mired in a liquidity crunch.