Anthropic is set to launch an IPO before the US midterm elections in November this year, with a valuation target of $2 trillion, making it one of the largest IPOs in technology history. The battle of AI is no longer on the leaderboard, it has moved to the exchange where whoever goes public first will exchange their equity for cash. There are actually three companies on the list. DeepSeek and the Dark Side of the Moon in China have both set their dates for early 2027; Anthropic in the United States, directly card in November this year. OpenAI is not on this team, it pushed the IPO back, and this matter will be discussed later. DeepSeek has opened up a new round, with at least $12 billion, led by Tencent and CATL. This money was exchanged for V4 Flash. The cost and performance of this model have caught up with OpenAI and Anthropic. So DeepSeek was able to open up the 12 billion mark. There are even more people competing, and in the end, they may sign up for 15 billion. After obtaining this, its IPO is scheduled for early 2027. That's how those points on the leaderboard turn into cash. At the same time, the dark side behind Kimi sealed off the final round of private placement. Valuing at $50 billion, the IPO aims to raise $5 billion and is expected to be listed on the Hong Kong Stock Exchange in the first quarter of 2027. The figure reported by the Dark Side of the Moon is that by December of this year, the amount of money that can be steadily collected in a year will reach 2 billion US dollars, which is twice the current amount. Hong Kong Stock Exchange's annual audit of technology companies in recent years is really his mother strict, and the income growth can be verified. That 2 billion yuan is for this ticket. These two companies in China are following the same approach, first using models to boost their valuations, and then selling their equity in early 2027. The United States is even more urgent than this. OpenAI was so anxious that it took a step back and decided not to go to the public market. Instead, it turned to the private market for at least $30 billion and sold its equity at a value of $1.4 trillion. Once the money went in, it was even higher. Anthropic didn't even want to take this step, the private equity table was lifted, and they went straight to the exchange. Spread out the days and arrange them. DeepSeek and Darkside of the Moon are both scheduled for early 2027, while Anthropic is stuck in November of this year, more than a quarter ahead of those two. Just this quarter, if the Chinese model can cut the inference price by one more knife. Anthropic knows he can't wait. I have done a launchpad before, and I am too familiar with this queuing logic. Several projects are waiting to open in a pool, and the first one to open will eat up everyone's three-month savings in buying. The second option is to cut the price in half. It's the turn of the fourth and fifth, everyone in the group has left, and they can't even sell it if they want to. Now these AI companies are on this team, but the plate is too big to compare. Once the pricing power is moved from the private equity negotiation table to the exchange, the listing order in front becomes the discount benchmark for everyone behind. Whether the 50 billion on the dark side of the moon can make sense depends on how Anthropic sells its 2 trillion first. So Anthropic is sticking to November without waiting for private equity or elections, just to take advantage of DeepSeek and the dark side of the moon still lining up in 2027, and first exchange its equity for cash at a rate of 2 trillion yuan.