M&A
FINANCIALSWill the U.S. take at least 1% stakes in both OpenAI and Anthropic?
Before Jan 20, 2029
1.72x56%
Before Jan 1, 2028
2.41x40%
$3 vol3 markets
FINANCIALSWill OpenAI or Anthropic IPO first?
Anthropic
1.12x86%
OpenAI
4.60x21%
$3,150 vol2 markets
FINANCIALSWill Ramp or Brex IPO first?
Ramp
1.05x92%
Brex
13.8x7%
$224 vol2 markets