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Anthropic is reportedly targeting an October IPO at a $2T valuation, potentially the largest IPO ever. Just 5 years old, yet its valuation could exceed $BTC’s market cap by 50% and nearly match the entire crypto market. Series H in May valued Anthropic at $965B with $47B ARR. Expected year-end ARR of $100–120B keeps its PS ratio near 20x, even as valuation doubles. Valuation doubled. Multiple stayed flat. Fundamentals caught up. AI keeps winning the capital race. When will crypto get its turn?