US Stock Market: As long as you tell a good story about making money in the future, you can go public Anthropic, valued at $2 trillion, the largest IPO in history; Expected to list before Thanksgiving in November. A company with a net loss of $42 billion raises $100 billion, And the market buys it. A-Share Market: Make the money first, then talk about going public Back then, Alibaba, Tencent, and Pinduoduo went to the US and Hong Kong stock markets, Not because they didn’t want to list on A-shares, But because they couldn’t. One bets on the 'future,' the other looks at the 'past.'