Most investors haven’t realized this yet, Google went public with a $23 billion valuation, Anthropic is aiming for $965 billion, a 42x difference. The biggest gains no longer happen in the stock market. They’re happening in the private market. And here’s the scary part: Google was already profitable at IPO, Anthropic is still losing billions. Retail investors always think they’re getting in 'early,' but they’ve almost become the exit liquidity for the giants.