Space Exploration Technologies went public in June, raising $75 billion and valuing the stock at $1.77 trillion, the largest IPO ever. Anthropic, a leading developer of large language models, is preparing to go public soon and is expected to beat that record, possibly as soon as next month. Anthropic sells access to its Claude LLMs to individuals and enterprises. According to some reports, its annualized revenue run rate topped $65 billion at the end of July, higher than SpaceX's annualized revenue run rate of about $31.2 billion as of its latest quarter. Anthropic's second-quarter revenue was above $11.5 billion, up 143% quarter over quarter and 1,361% higher than the year-ago period, and its adjusted operating income is positive. SpaceX estimated an AI total addressable market of $26.5 trillion and a TAM of $28.5 trillion across its entire business, and its valuation is largely a function of its AI opportunities.