Anthropic already has over $130 billion in cash on hand, so why is it choosing to push for an IPO when the financing environment is deteriorating? The main reason is that AI is a closed loop, and Anthropic has too much debt. Anthropic has committed to investing at least $518 billion over the next ten years in computing power and infrastructure, with about 80% of that commitment not easily canceled. The private equity market can hardly sustain this scale of capital demand in the long term, and Wall Street happens to need a target that can directly invest in leading, large-scale AI companies. Therefore, this IPO is inevitable and could become a valuation anchor for mutual investment and valuation manipulation across the entire AI industry. Institutions can directly use this benchmark to validate the business logic of previous trillions of dollars in AI infrastructure investments. If even Anthropic's phenomenal growth rate can't support its valuation, then data centers, computing power leasing companies, and even the underlying credit market that rely on AI capital expenditures will likely be in serious trouble. OpenAI is incredibly shrewd, observing from the sidelines—interesting! Negotiations for the $30 billion financing need to be accelerated; otherwise, the funds will be absorbed by Anthropic's IPO.