On Monday, October 26, 2026, major US indices climbed higher: The Nasdaq Composite gained 0.8%, the S&P 500 rose 0.7%, and the Dow Jones added 0.3%. Early Tuesday, indices continued to rise, with Nasdaq 100 futures joining the trend and gaining 0.4%. This growth stemmed from investors returning to tech stocks and renewed optimism around AI, sparked by Anthropic’s IPO filing.
Long-rumored details surrounding Anthropic’s market debut are coming into clearer focus. On Monday, the company made its filing public, targeting a listing on Nasdaq under the ticker ANT. However, key details - including the stock price and offer size - remain undisclosed. The offering is expected in November, though the exact date may shift. At its IPO, the company could be valued between $1.5 trillion and $2 trillion.
This could mark the largest tech IPO in history, potentially surpassing SpaceX's record $1.8 trillion valuation. Anthropic's impressive growth continues to fuel market enthusiasm: Revenue for the first half of the year reached $16.3 billion, a sharp increase from $1.2 billion during the same period last year. Nevertheless, Anthropic has cautioned that this pace of growth may slow.
Even after going public, control over the company will stay firmly in the founders' hands. A special class of shares controlled by Anthropic's seven co-founders will hold 50.1% of the voting power, leaving public investors with minimal influence.
Against this backdrop, prices surged across the AI and semiconductor sectors, and Asian tech stocks rose overnight. However, market gains were selective: While Nvidia shares rose over 2%, Meta fell 1.9% on Monday following its announcement to raise an additional $95 billion through stock offerings to fund its AI buildout - highlighting the high cost of the AI race for investors. Following Meta's announcement, Nvidia, Advanced Micro Devices, and Broadcom expressed interest in participating, reigniting debate over circular funding. The rise in equity markets did not extend to other asset classes: The gold price fell toward $4,010 on Monday, while cryptocurrencies saw little upward momentum.
This week features earnings reports from major hyperscalers - including Microsoft, Alphabet, and Amazon - which are expected to provide further insight into AI capital expenditure and profitability. Earlier, Tesla’s and Meta’s reports did little to ease concerns over AI spending. In addition to earnings reports, market focus is on upcoming economic calendar releases. The most closely watched event will be the Federal Reserve's interest rate decision, alongside key updates on US GDP and PCE inflation.
This article was written in cooperation with TradingView