The IPO market is about to make history: Anthropic's pre-IPO stock, one of the most anticipated IPOs of all time, now has an implied market cap of $851 billion on Jupiter. In October 2025, the value of a share of Anthropic's pre-IPO stock on Jupiter was as low as ~$122. Just 7 months later, and these shares are up nearly +640%, to ~$900. These pre-IPO shares are structured instruments backed 1:1 by SPV exposure, giving investors direct price exposure to Anthropic before the IPO launches, allowing the market to dictate potential valuation. Between SpaceX's anticipated $1.7+ trillion IPO and both Anthropic and OpenAI targeting $1+ trillion, the IPO market is about to witness history. The AI Revolution is accelerating.(The Kobeissi Letter)