The possible IPO of Anthropic has reignited Wall Street’s interest in companies related to artificial intelligence. The developer of Claude has filed a confidential IPO application with the SEC, and according to sources, the company’s valuation has reached about $965 billion.
For the market, this is not just another big deal. If Anthropic does go public, investors will get a rare opportunity to directly value one of the leaders in the AI race. Along with this, attention will again shift to public companies that provide the infrastructure for the entire sector.
Anthropic Became a Signal for the Entire Market
A confidential IPO filing does not mean an immediate listing. It is the first formal step that allows a company to start the process of going public after the regulator reviews the documents.
But the very fact of the filing has already become a strong signal. Anthropic could become the first major AI lab of this cycle to open its doors to public investors.
The numbers look impressive. According to the report, the company recently closed a round at a valuation of about $965 billion, and its annual revenue run rate grew from about $10 billion to $47 billion in a year. For Wall Street, this is confirmation that demand for AI products has already moved from the expectation stage to real cash flows.
Dan Ives Expects the AI Cycle to Continue
Wedbush’s head of technology analysis, Dan Ives, believes that the artificial intelligence market is still far from maturity. He describes the current phase as an early stage of a major cycle, where the main growth is still ahead.
In his view, Anthropic’s IPO could revive the IPO market, which has remained weak for several years. Investors are once again ready to look at large tech listings if they are backed by rapid revenue growth and a clear connection to AI infrastructure.
Ives also considers Anthropic one of the key players in the AI revolution. According to him, the company is increasing pressure on OpenAI and is becoming a separate benchmark for valuing the entire sector.
The Five Main Ives Picks
Amid the hype around Anthropic, Ives highlights five public companies that could benefit from the continuation of the AI cycle. His list includes NVIDIA, AMD, Micron, Microsoft, and Oracle.
These companies operate in different parts of the chain. NVIDIA, AMD, and Micron are connected to chips, memory, and computing infrastructure. Microsoft and Oracle represent cloud platforms, enterprise services, and data centers.
This set shows how the market views AI. Investors are buying not only model developers but also those who sell computing power, data storage, software, and cloud capacity for their operation.
NVIDIA Remains the Main Symbol of the AI Boom
NVIDIA remains first on Ives’s list. He calls the company the main beneficiary of AI infrastructure and believes that every dollar spent on its chips creates a multiplier effect for the rest of the tech sector.
The logic is simple. The more companies spend on training and launching AI models, the higher the demand for graphics processors, servers, memory, networks, clouds, and software.
NVIDIA’s recent presentation at Computex also increased interest in the company. Special attention was drawn to the RTX Spark chip, which is expected to bring full AI capabilities closer to laptops and desktop computers. This expands NVIDIA’s story beyond data centers and brings it closer to the consumer market.
AMD Remains the Second Bet on Computing
AMD is Ives’s second major beneficiary of AI infrastructure. Despite stock volatility, the company remains an important player in the accelerated computing segment.
The data center market continues to grow, and large clients do not want to depend on a single chip supplier. This gives AMD room to strengthen its position, especially if demand for AI hardware grows faster than supply.
For investors, AMD looks like a riskier but potentially interesting alternative to NVIDIA. If the company can increase its share in AI accelerators and strengthen its position with large cloud clients, its revaluation may continue.
Micron Benefits From Demand for Memory
Ives’s third pick is Micron Technology. He links it to a new growth cycle in memory, especially in the DRAM segment and high-speed memory for AI servers.
Artificial intelligence requires not only chips for computation. Models need huge amounts of data, high bandwidth, and fast memory performance. Therefore, the growth of AI workloads directly supports component manufacturers.
If data center spending continues to rise, Micron could benefit not as a loud AI leader but as a supplier of a critically important part of the infrastructure. Such companies often become the second layer of growth after the main chip manufacturers.
Microsoft Remains a Key Cloud Player
Microsoft is on the list thanks to Azure and its strong position in enterprise AI. The company simultaneously sells cloud infrastructure, integrates AI into its products, and has access to the largest base of enterprise clients.
This makes it one of the most balanced bets on the sector. Microsoft benefits not only from computing spending but also from monetizing AI through software, subscriptions, and enterprise services.
For Wall Street, this is especially important. Unlike narrower companies, Microsoft can profit from AI in several directions at once: clouds, office products, development, security, and enterprise solutions.
Oracle Strengthened Amid AI Workloads
The fifth company on the list is Oracle. Its cloud infrastructure has received more attention in recent years because large AI workloads require new data centers and greater computing power.
Oracle has not always been seen as a main participant in the AI race, but demand for infrastructure is changing the picture. If the company continues to win contracts for cloud capacity and expand data centers, investors may reconsider its role in the sector.
For the market, this is an example of how the AI cycle spreads beyond the first obvious leaders. Chips win first, then memory, clouds, networks, databases, and enterprise software.
The IPO Could Start a New Wave of Listings
Anthropic’s IPO could be the first major step in a new wave of tech IPOs. Ives believes that after a long pause, the IPO market could revive, especially if investors see strong demand for AI companies.
The next important stage will be Anthropic’s roadshow. When the company starts presenting its business to institutional investors, the market will get more details about revenue, expenses, growth rates, and development plans.
The offering price will be important not only for Anthropic. It could set a benchmark for future IPOs of OpenAI, SpaceX, and other major tech companies if they do go public in this cycle.
The Main Risk Is in Expectations
Optimism around AI remains high, but this creates the risk of inflated expectations. The more expensive companies are valued, the more the market demands from future results.
If capital expenditures by cloud giants continue to rise, Ives’s thesis will be supported. But if Microsoft, Oracle, and other major players begin to slow investments in data centers, AI stocks could quickly feel the chill.
Therefore, investors will look not only at Anthropic’s IPO but also at the forecasts of the largest tech companies for spending. These budgets will show how sustainable demand for chips, memory, and cloud infrastructure remains.
What’s Next?
Anthropic could become the main IPO of the AI cycle and set a new valuation bar for the entire sector. If demand for the listing is strong, Wall Street will once again begin to actively revalue public companies associated with artificial intelligence.
For Ives, the key ideas remain in infrastructure: NVIDIA, AMD, Micron, Microsoft, and Oracle. These companies benefit not from a single application but from building the AI economy itself.
The main takeaway is simple. Anthropic’s IPO could become not only an event for one company but also a new test of confidence in the AI supercycle. If investors confirm their willingness to pay for growth, infrastructure stocks will once again be at the center of the market.
Read More: The Crypto Market Paused in Anticipation After Comments From Warsh and Trump on Iran
