Anthropic vs DRAM: Two Capital Flows Shaping a New Phase of the AI Boom

The AI market is showing two phenomena that appear different but actually share the same story: global capital is racing to buy artificial intelligence infrastructure.
On one side, Anthropic is preparing for one of the largest IPOs in history. On the other, investors continue to flood DRAM memory ETFs, even though the ETF’s price had undergone a sharp correction.
Anthropic Targets Record IPO
Anthropic is reportedly targeting an IPO that could match or even surpass SpaceX’s offering, which raised around $75 billion in June 2026, or $86.2 billion after the overallotment option. Anthropic could even file a public S-1 document by late August.

The scale becomes increasingly plausible when considering its business growth. Anthropic has reached a valuation of $965 billion through a $65 billion Series H funding round, while its annualized revenue run rate reportedly surpassed $65 billion in July. The company is also projecting revenue of around $190–200 billion in 2028.
In other words, public investors will eventually be buying not only shares in an AI company, but also expectations for the economic scale of the next generation of AI.
Behind AI Lies a Major Bet on Memory
The second phenomenon is emerging in the less glamorous part of AI: memory chips.
Roundhill Memory ETF (DRAM) has recorded eight consecutive weeks of inflows, with around $12 billion in new funds over the past two months. Total inflows since its launch in April have reportedly reached around $27 billion, while assets under management have reached around $28 billion.
What is interesting is that these fund flows have held steady even though DRAM prices fell around 28% over a two-month period.
This sends an important signal:
Investors may be buying the long-term AI thesis rather than simply chasing chip-price momentum.
DRAM provides exposure to global memory companies that supply DRAM, HBM, and NAND, all essential components for AI data centers.
However, its volatility remains high. On August 18, the ETF even fell around 8.8% as memory stocks came under heavy selling pressure.
Two Sides of the AI Economy
Anthropic represents the application and intelligence layer.
DRAM represents the infrastructure layer.
And both show the same thing: AI’s computing needs continue to create demand for capital on an extraordinary scale.
That is why this development is bigger than merely the story of one IPO or one ETF.
If Anthropic manages to reach SpaceX IPO scale while investment in memory continues to flow despite price corrections, the market is signaling that AI is beginning to be treated as a long-term investment cycle.
But there is a risk that cannot be ignored: extremely high valuations and large fund flows could make the AI sector increasingly sensitive to changes in growth expectations.
Conclusion
Anthropic is a bet on the AI “brain.” DRAM is a bet on the “infrastructure” that makes that brain work.
If both continue to attract capital, the AI theme may not have entered its final phase but instead be moving from merely a race to build models toward a race to build the entire computing economy.
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