SpaceX Could Be Biggest Loser From Successful Anthropic IPO, Finance Professor Warns - Yahoo Finance
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Elon Musk's SpaceX (NASDAQ:SPCX) could be among the biggest losers from a successful Anthropic IPO, according to a finance professor who says the listing could draw investors away from Musk's AI businesses.
That's despite Anthropic reportedly accounting for more than a third of SpaceX's revenue last quarter.
"The more vulnerable names are listed companies that compete with Anthropic for the same pool of 'AI growth' capital," Cathy Zheng, associate professor of finance at Bryant University, told Benzinga exclusively.
"SpaceX, which now owns xAI and its Grok models, is the clearest example."
Anthropic's IPO would give investors a more direct way to bet on advanced AI models than buying SpaceX, which also operates rockets and Starlink.
Anthropic's Claude competes with Grok, while Claude Code challenges Cursor, the coding company SpaceX acquired in August.
"That creates the possibility of stronger enthusiasm for AI alongside weaker prices for some established AI beneficiaries," Zheng said.
"I don't expect the megacaps to be the main casualties," Zheng said.
Even if Anthropic raises $100 billion, that would amount to less than 1% of the combined market value of Nvidia Corp. (NASDAQ:NVDA), Microsoft Corp. (NASDAQ:MSFT), Amazon.com Inc. (NASDAQ:AMZN) and Alphabet Inc. (NASDAQ:GOOGL), she noted.
"Any rotation into Anthropic is a one-time event, while their earnings power keeps compounding," Zheng said.
Those companies could also benefit from Anthropic's infrastructure spending. Nvidia supplies chips, while Microsoft, Amazon and Google sell cloud capacity.
"Money raised in the IPO largely flows back to them," she said.
SpaceX could benefit from that spending…
Originally published by Google News AI