There's a big event happening today Previously, the cryptocurrency industry was called 'listing', but now we are starting to list on the stock market, and it's going up even faster than the stock market @Today, Okxchinese announced the pre-market contracts for the three major global IPOs in 2026: Anthropic、OpenAI、SpaceX Actually, just being able to make money is enough As for whether it's a coin or a stock, it's not important I have an empty ANTH and an extra OPEN It can also be considered as a hedge against the same track Let's talk about my investment logic in the pre market stage: Is there an expected price difference This expected difference mainly depends on three levels: Pre market implied market value, real financing valuation, and future IPO carrying capacity Calculated based on current pre-market prices Anthropic has an implied market value of approximately $1.305 trillion, OpenAI has an implied market value of approximately $1.197 trillion, and SpaceX has an implied market value of approximately $2.013 trillion Looking at the reference valuation again: Anthropic's latest official valuation is approximately 380 billion US dollars OpenAI's latest official valuation is approximately $852 billion The internal transaction valuation in SpaceX's public reports is about $800 billion, and IPO expectations are mostly in the range of $1 trillion to $1.5 trillion 1/ Anthropic Pre market implied market value of approximately $1.305 trillion, reference valuation of approximately $380 billion, premium of approximately 3.4 times Its investment logic is the second pole of AI Besides OpenAI, Anthropic is one of the strongest model companies, with enterprise level AI, code, long context, and security compliance as its main pricing points Its trading logic is the most elastic and foam Buying Anthropic now is about whether it can become the second trillion dollar AI company in the future The current pre-market price has already filled up too much in the future. If the IPO is below $1 trillion, there will be pressure for the price to return Suitable for short-term emotions, not suitable as cheap assets If it rises quickly, it will also fall quickly 2/ OpenAI Pre market implied market value of approximately $1.197 trillion, reference valuation of approximately $852 billion, premium of approximately 40% Its investment logic is AI anchor ChatGPT is the user portal, API is the developer portal, Enterprise Edition is the commercial portal, and OpenAI is the most easily understood AI asset by the secondary market Its trading logic is the smoothest. Although valuation is not cheap, it has financing anchors, IPO expectations, and market consensus. The position of 1.2 trillion US dollars is already quite high, but if the AI mainline continues to be strong, OpenAI is the easiest to be caught by funds Trade with the trend and observe the strength of the AI mainline The valuation logic is the clearest among the three 3/ SpaceX Pre market implied market value of approximately $2.013 trillion, publicly available hard valuation anchor of approximately $800 billion, expected IPO of approximately $1 trillion to $1.5 trillion Its investment logic is the world's rarest hard tech asset Launch capability Starlink、 Government orders, orbital infrastructure, and commercial aerospace monopolies are difficult to replicate in the short term Its trading logic is that the asset is the hardest and the price is the highest Over 2 trillion US dollars, including Starlink growth, aerospace monopoly, Musk premium, and super IPO, have all been included in advance Going further up, it's no longer about cheap valuations, but global funds continuing to take on the market Long term scarcity, short-term need to wait for pullback A good company does not necessarily mean good prices Short term most stimulating: Anthropic Mid term most convenient: OpenAI Long term Scarcity: SpaceX At current prices, Anthropic is a high premium emotional transaction, OpenAI is a trillion dollar IPO with a straight price transaction, and SpaceX is a high-level faith transaction The key is where there is liquidity, where there is poor expectations, where there is money to make Personal opinion, not for investment advice