Earnings360 Newsletter for 9/26/2024

In May, Anthropic raised money at a $965 billion valuation. Now, ahead of its IPO, investors are reportedly discussing a valuation of $1.8 to $2 trillion. That’s roughly double in about five months. And not one ordinary investor got to own a share of it.

That’s how these mega-IPOs work. The biggest gains happen privately, before the public is allowed in. By the time you can buy, the price already assumes almost everything goes right.

So I’m not chasing the IPO. I’m watching where the private investors who already doubled their money put their winnings next.

Data centers now number about 1,300 across the US, with another 2,500 planned. Each can draw as much power as 100,000 homes, and one Virginia homeowner saw his bill jump from $100 to $281 in a single month.

Elon Musk has filed a plan with the FCC to move data centers out of cities entirely, a move backed by President Trump. One lesser-known, publicly traded company trading under $100 a share may sit at the center of that shift.