SpaceX's weak IPO debut offers a key lesson for Anthropic investors

SpaceX's highly anticipated IPO has fallen below its opening price of $150, wiping out over $1 trillion in valuation amid concerns about heavy AI spending, serving as a warning for the upcoming Anthropic IPO. SpaceX's capital expenditures jumped 308% to $28.5 billion in the first half of this year, with 86% going to AI infrastructure, while sales were only $12.5 billion. Anthropic, with an annualized revenue run rate of $65 billion, is expected to spend even more heavily. Jefferies research shows that large IPOs average just 3.5% gains over their first 12 months despite strong initial returns, suggesting investors should wait rather than buy Anthropic shares at its public debut.