By David Moadel
Publication Date: 2026-05-27 16:02:00
The biggest IPO conversation right now centers on SpaceX’s reported June 12 listing. Gavin Baker, founder and Chief Investment Officer of Atreides Management, thinks investors are watching the wrong name.
On a recent episode of the Invest Like the Best YouTube channel, Baker argued that Anthropic, the private AI lab behind Claude, has a more dynamic trajectory than SpaceX and is the most credible long-term candidate to eventually surpass NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) as the world’s most valuable company. Baker’s thesis hinges on where AI economics ultimately concentrate.
That’s a striking claim. NVIDIA currently sits at a market capitalization of $5.2 trillion, with the stock up 55% over the past year. Baker’s case rests on where AI value ultimately accrues and how fast Anthropic is compounding.
Baker’s Big Number on Anthropic
Baker’s editorial punchline was a single comparison. “The three highest profile SaaS companies founded in the last 10 years are Palantir Technologies (NASDAQ:PLTR), Snowflake (NYSE:SNOW), and DataBricks. Anthropic just added their combined business in one month.”
The supporting numbers, per reporting and industry estimates Baker referenced, are eye-catching. Anthropic reportedly started the year at a little over $10 billion in annualized revenue and is now at a $45 billion annualized revenue run rate.
That acceleration is difficult to model even by AI-era standards. Baker positions Anthropic’s growth curve as…
