Anthropic IPO vs. SpaceX: Which Is the Better Investment?

invezz.com (Swedish) —

Anthropic's upcoming IPO presents investors a choice between buying the AI enterprise software company or SpaceX, which provides the computing infrastructure behind the AI boom. Anthropic filed its IPO application on Oct. 26 for a Nasdaq listing under "ANT," though pricing terms remain undisclosed. Anthropic's core advantage is deep enterprise adoption, with over 11,900 customers generating at least $100,000 each in annual revenue, including all Fortune 10 companies. Its Q3 revenue reached $16.8 billion, up 45% sequentially, with adjusted profitability. SpaceX reported Q3 revenue of $14.58 billion but faced massive capital expenditures of approximately $19.6 billion quarterly. The decisive factor is valuation, with reported potential pricing between $1.5 trillion and $2 trillion, implying roughly 22x to 30x sales multiples. Anthropic's valuation remains below SpaceX's over 100x price-to-sales ratio, suggesting it could be the stronger investment if enterprise adoption continues and pricing proves reasonable.


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