Anthropic filed yesterday for what could be the biggest IPO ever, capping a massive day of AI dealmaking that nearly equals 1% of U.S. GDP.

Why it matters: Few industries have ever become so central to the American economy so quickly — and we’re watching Wall Street finance the buildout in real time.

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Driving the news: Anthropic’s long-awaited IPO may seek to raise a record $100 billion.

• Also yesterday, SpaceX secured $40 billion in debt financing to lease GPUs — the chips that power modern AI — and Meta said it would seek up to $95 billion in financing for its AI buildout.
• Together, that’s roughly $235 billion in a single day — more than the entire U.S. airline industry adds to the economy in a year.

The big picture: AI’s appetite for capital has outgrown what any one single part of the financial system can supply.

• Anthropic alone has committed roughly $750 billion to computing power in the coming years — about seven times what its record-setting IPO may raise.
• Even private investors are struggling to keep up: OpenAI’s record $120 billion funding round took months to close.

Zoom in: Most Americans will be financially exposed to these deals, even if they never buy a share.

• SpaceX and Meta are already major holdings in the top stock indices that fill pensions, 401(k)s and other retirement plans. Anthropic will soon join them.

Between the lines: Anthropic’s filing spells out how big the stakes are, devoting more than a quarter of the document to risks.

• The company warns that AI could pose “catastrophic or existential risks to humanity” and that models may try to manipulate the people using them.

Zoom out: Each of these three deals is a bet that AI use keeps compounding fast enough to justify the industry’s trillions in spending.

• The flip side, however, is that declining use could crack the foundation of America’s entire economy.

The bottom line: Everyone is on the AI train, whether we want to be or not.