Anthropic just closed a $65 billion funding round, pushing its valuation to $965 billion — and if you think that's the ceiling, Wedbush Securities analyst Dan Ives has news for you. Speaking on CNBC's "Squawk Box Europe" Friday morning, Ives dropped what might be the most bullish AI call of the year: this is "just the tip of the spear." The AI rally isn't slowing down; it's barely left the launchpad.

The U.S. Is Winning The Tech Race — For Now

Ives framed Anthropic's milestone within a larger geopolitical narrative, declaring that "for the first time in 30 years, the U.S. is ahead of China" on technology. That's a bold claim, but one he's staking his reputation on. He pointed to data layer companies like Snowflake, Datadog, and InnoData as the next beneficiaries of enterprise AI spending — what he calls the "second, third, fourth derivative" of infrastructure buildout. "Where the spending is going," Ives explained, "is into the plumbing underneath these models." Translation: while everyone's hyping foundation models, the real money's in the companies that help enterprises actually use them.

The IPO Frenzy Is Real

Wedbush isn't just bullish on current valuations — Ives reiterated his prediction for the Nasdaq to hit 30,000 by 2027. But what's fueling this optimism? A historic pipeline of mega-IPOs hitting public markets in 2026. SpaceX confirmed its float via regulatory filing Thursday, targeting a $1.75 trillion valuation with a June 12 listing that could mark the largest debut in market history. Anthropic and OpenAI have both announced intentions to go public later this year. Ives called these "the three pillars of the fourth industrial revolution," adding that "in terms of Anthropic, it's the best model in the world, and I don't think there's a dispute there." That's high praise from an analyst known for his conservative estimates.

Bubble Or Boom? The Bear Case Emerges

Not everyone is buying Ives' optimism. John Blank, chief equity strategist at Zacks, went full doom mode on the same Squawk Box segment: "I see it as a market top." Blank drew direct parallels to the late-1990s dot-com frenzy, where massive IPOs signaled peak euphoria before the crash. "Everybody knows the top is pretty close to being around and usually it is advertised by these giant IPOs," he said. The uncomfortable truth? All three companies at the center of this IPO wave — SpaceX, Anthropic, and OpenAI — remain unprofitable on an annual basis, though Anthropic expects its first profitable quarter in upcoming earnings. That's a lot of promise being priced in.

Key Takeaways

  • Anthropic's $965B valuation came after securing $65 billion in funding on May 28, 2026
  • Wedbush predicts the Nasdaq will hit 30,000 by 2027, driven by AI infrastructure spending
  • SpaceX IPO scheduled June 12 with a target valuation of $1.75 trillion — potentially largest float ever
  • Data layer plays (Snowflake, Datadog, InnoData) identified as next beneficiaries of enterprise AI adoption
  • Zacks' John Blank warns these mega-IPOs mirror the 1999 dot-com bubble peak
  • All three "pillars" (SpaceX, Anthropic, OpenAI) have yet to post annual profit

The Bottom Line

Look, I've covered enough hype cycles to know when things are getting ridiculous. But Ives has been right on tech for years, and the infrastructure play he's describing — data layer companies being the real beneficiaries of AI spending — tracks with every enterprise conversation I've had lately. Yes, there's bubble risk. No, you probably shouldn't mortgage your house for an OpenAI ticker. But sleeping on this sector because you're worried about 1999 vibes? That's how you miss the next decade.