AI stocks now set the market’s direction

For the past two years, a narrow group of artificial intelligence companies has done most of the heavy lifting in the major indexes. Nvidia, Microsoft, Alphabet, Amazon, and Meta have poured hundreds of billions of dollars into chips, data centers, and power, and the market has rewarded them for it. When those names rally, the index rallies. When they wobble, the whole tape wobbles. AI is no longer a side theme attached to the market. It has become the market’s main event.

Alexander Green, chief investment strategist at The Oxford Club, is betting that the next leg of the story belongs to a company most retail investors cannot buy directly. In The Oxford Communiqué, his flagship newsletter, Green pitches what he calls the “Secret Backdoor to the REAL #1 Tech IPO of 2026.” The company behind the pitch is Anthropic, the AI lab that built Claude, which Green describes as “far and away the best AI on the face of the planet.” He expects an IPO announcement around September 29, 2026 at a San Francisco AI conference.

The growth numbers behind the hype

The reason Green is willing to make that claim is the revenue trajectory. Anthropic went from roughly $1 billion in early 2025 to $11.5 billion in a single quarter, and Bloomberg reported an annualized run-rate of $65 billion by the end of July, up from $47 billion in May. The company’s AI coding business alone grew from about $500 million to $2.5 billion in five months, and Anthropic now counts more than 300,000 business customers. Revenue per employee runs near $8 million, edging toward $9 million when you annualize $11.5 billion a quarter across roughly 5,000 employees. Those are exceptional numbers even by the standards of a hot market.

How AI stocks get valued

Most AI leaders trade on revenue growth rather than current earnings. A company growing sales at a triple-digit clip gets a pass on profitability because investors are paying for the future rather than the present. That logic is why our explainer on the best AI stocks spends so much time on revenue multiples. When the growth rate is accelerating, the multiple the market will pay expands with it, and when the growth rate cools, the multiple compresses just as fast.

Anthropic fits the growth template, but the valuation Green floats is aggressive. He suggests a $2 trillion IPO, which implies a price-to-sales multiple that assumes the current compounding continues for years without interruption. The Wall Street Journal reported an operating profit of $559 million in the most recent quarter, which is real but is an operating figure rather than GAAP net income from a company still filing a confidential S-1. The distinction matters because it changes how much of that growth is already priced in.

The IPO hype is real, and so is the risk

There is a pattern to how these stories play out. A private company with explosive growth files to go public, retail investors scramble for exposure, and the nearest liquid proxy runs up in price. That is already happening with the funds Green names. Fundrise Venture, the closed-end fund trading under the ticker VCX, holds Anthropic as its largest position. It traded as high as $200 this spring before lockup expirations pulled it back toward its net asset value. We break down that premium and what it means in our piece on AI valuations.

For most investors, the right frame is simple. AI stocks offer genuine, once-in-a-generation growth, but the price you pay determines your return. Our guide to AI stocks to buy separates businesses with durable advantages from the ones riding a narrative that has not yet produced the economics to match.

What this means in 2026

Green’s call deserves a serious hearing. He has been early and correct on large-cap technology for decades, and his Marvell thesis, built around a 5G theme years ago, is up roughly 800 percent since. One note for accuracy: the “Bloom Energy stock of the decade” call that circulates in Oxford Club advertising was made by David Fessler, who has since left the Club, not by Green. Green’s own record stands on his large-cap technology calls, and the Anthropic pitch is consistent with that strength. The underlying business is genuinely impressive. The open question is whether the price you pay to get exposure through a closed-end fund already reflects it.

Other routes to AI exposure

The backdoor funds are not the only way to reach Anthropic. SK Telecom, the Korean carrier trading as SKM, holds a stake it bought for roughly $100 million that is now possibly worth more than $2 billion, giving the stock an Anthropic kicker alongside its core telecom business. Destiny Tech100 Fund, trading as DXYZ, and the KraneShares Public-Private AI & Technology ETF under the ticker AGIX, which carries about a 2 percent Anthropic weighting, offer smaller, more diluted exposures. Each route carries its own premium, fee, or dilution, so the question is never just which AI company to own but what price you pay to own it.

The discipline that separates winners from chasers

The lesson from prior AI stock cycles is that the biggest returns go to investors who separate the company from the wrapper. Anthropic has earned its attention through a revenue curve that went from about $1 billion in early 2025 to $11.5 billion in a single quarter. The funds and stocks that hold it have not all earned the prices they trade at. Keeping those two things distinct is the difference between investing in the theme and paying a toll to someone who got there first.

Ready to see the research? Click here to access Alexander Green’s report.

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