SpaceX IPO Targets $2T While Anthropic Drops $400M on Biotech the Same Day

SpaceX is pushing limits on what a public debut can look like. The SpaceX IPO is now being discussed at a valuation of about $2 trillion. This was brought to light following investor conversations reported this week. On the same day, Anthropic made a very different move involving a $400 million biotech deal. Both points to how capital is still moving fast but in different directions.

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Saudi Arabia Is Putting $5B Into SpaceX as AI Buys Everything in Sight

SpaceX is now discussing a valuation of more than $2 trillion with potential investors ahead of its planned IPO. The figure marks a notable jump from the $1.25 trillion valuation tied to its earlier merger with xAI.

The IPO could raise as much as $75 billion. This would comfortably pass Saudi Aramco’s $29 billion record in 2019. Banks, including Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup, and Bank of America, are working on the deal. Saudi Arabia’s Public Investment Fund (PIF) is also in talks to take a roughly $5 billion anchor stake. This means it is making an early commitment that could help set the tone of demand ahead of the listing.

For fund managers, this is not an easy pass. Large index-linked funds risk underperformance if they plan to stay out and the stock rallies. Gary Black of The Future Fund LLC took to X and elaborated on the same. He said,

“SpaceX’s IPO is expected to create intense pressure on professional investors to participate, even at a valuation north of $1T, simply because sitting out may be too risky. […] Fund managers fret that if they sit out the SpaceX offering and the shares soar, their performance will look dismal. Musk and his bankers are well aware of the buying pressure they’re putting on fund managers, with a record $75B worth of stock to sell.”

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Anthropic Moves Into Biotech With $400 Million Deal

On the same day, Anthropic confirmed its acquisition of Coefficient Bio for about $400 million. The startup has been working on AI tools for drug discovery, managing clinical strategies, and identifying new drug candidates. Its team will join Anthropic’s life sciences unit.

In addition, at the JPMorgan Healthcare Conference, its healthcare lead outlined an ambition to make Claude “the best model for everything in biology.” This shows the firm’s deeper move into scientific applications.

While SpaceX prepares what could be the biggest AI IPO to date, Anthropic is putting money into applying AI beyond software. As one focuses on scale, the other is about where AI is going next.

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