Steve Eisman's former "Big Short" partners are warning that a wave of giant IPOs, led by Anthropic and SpaceX, could pressure the stock market by flooding it with new shares. Porter Collins and Vincent Daniel, who worked with Eisman at FrontPoint and now run Seawolf Capital, said on The Real Eisman Playbook that most of their capital currently sits in gold, with Collins calling Anthropic the next major IPO that could test his concern because the AI company will likely need public-market access, adding another large block of stock after SpaceX. U.S. IPO issuance reached $137.6 billion through August, up 464.1% year over year, according to SIFMA, while SpaceX raised roughly $85.7 billion in net proceeds in its record June IPO and Anthropic may seek to raise as much as $100 billion at a roughly $2 trillion valuation. Polymarket traders give Anthropic a 59% chance of going public by Oct. 31 and an 84% chance by year-end, with more than $3 million traded across its IPO-date market. Goldman Sachs Group Inc. raised the same question in July, and IPO researcher Jay Ritter told the bank that high new-issue volume has some predictive power for weaker future returns, though Owen Lamont of Acadian Asset Management noted heavy issuance combined with capital-spending booms has generally been followed by disappointing shareholder returns; Ritter countered that U.S. companies have recently returned roughly $1.6 trillion annually through dividends and buybacks. Gold traded around $4,286 an ounce Tuesday, about 23% below its January record of $5,595, as higher oil prices fueled inflation fears and expectations of a Fed hike Wednesday.
Acadian Asset Management Inc
Goldman Sachs Group Inc
