Wall Street is preparing for two major financial developments that could highlight institutional investors’ changing appetite for Bitcoin-related companies and artificial intelligence businesses. Strategy is approaching a decisive review of its eligibility for MSCI indexes, with the index provider expected to publish its November assessment shortly after 11:00 PM CET on November 11. The decision has become a significant talking point among Bitcoin investors because of Strategy’s enormous BTC treasury.

Meanwhile, Anthropic is preparing a potentially record-breaking public offering. The company behind the Claude AI chatbot is targeting up to $64.4 billion through its IPO, with a proposed pre-money valuation of approximately $1.02 trillion. The offering will test institutional demand for high-value technology companies following SpaceX’s major fundraising efforts.

These developments create two contrasting situations for the financial markets. Strategy could face billions of dollars in potential selling from passive investment funds, while Anthropic is looking to attract substantial new capital to expand its AI operations. Their outcomes could reveal how Wall Street intends to distribute capital between cryptocurrency-linked investments and the rapidly growing AI industry.

Strategy’s MSCI Review Could Trigger $2.8 Billion in Passive Selling

Strategy’s eligibility for MSCI indexes is under scrutiny following proposed changes to the provider’s classification methodology. The revised framework targets companies that primarily hold investment assets instead of operating traditional businesses.

These rules could affect firms whose financial structures increasingly resemble investment funds rather than conventional operating companies.

Strategy has built a massive Bitcoin treasury through a business model centered on raising money from equity and debt markets to acquire additional BTC.

MSCI previously identified Strategy and Japan’s Metaplanet as companies that could be affected by the proposed changes. The review has also attracted attention from other digital asset treasury businesses that may fall under the same eligibility framework.

The potential market impact is substantial. JPMorgan previously estimated that Strategy’s removal from MSCI indexes could result in approximately $2.8 billion in selling by passive funds tracking the provider’s benchmarks.

However, losing index membership would not require Strategy to sell its Bitcoin holdings. Instead, index-tracking funds would likely dispose of their MSTR shares, potentially putting downward pressure on the stock and weakening the company’s ability to access equity financing.

A lower market valuation could make future fundraising more difficult and expensive. This could eventually restrict Strategy’s ability to purchase Bitcoin at its historical pace.

MSCI is scheduled to announce the results of its November review shortly after 11:00 PM CET on November 11. Any approved changes will take effect following the market close on November 30.

Anthropic’s IPO Could Attract Up to $90.4 Billion in Capital

As Strategy awaits its MSCI decision, Anthropic is preparing an enormous fundraising effort that could become one of the largest IPOs in history.

The Claude developer plans to offer 825 million shares at a proposed price range of $70 to $78. At the upper end, the share sale could generate approximately $64.4 billion, valuing the company at around $1.02 trillion before dilution. Its fully diluted valuation could reach approximately $1.4 trillion.

The public offering is accompanied by a separate $26 billion private placement involving major investors such as Google, Nvidia, and AMD. Combined, the two fundraising transactions could generate approximately $90.4 billion.

Anthropic’s rapid expansion is central to its valuation ambitions. Its IPO filing showed that the company’s annualized revenue run rate had reached $17 billion on a quarterly basis.

However, scaling its AI business requires extraordinary infrastructure investment. The company’s computing agreements with partners are approaching $900 billion, highlighting the enormous costs involved in securing the resources needed to expand its artificial intelligence operations.

The proposed listing also arrives at a time when investors are becoming more cautious about the financial sustainability of the AI boom. Questions surrounding infrastructure expenses, future profitability, revenue growth, and elevated technology valuations are increasingly influencing investment decisions.

Anthropic’s public offering could therefore become a major test of Wall Street’s willingness to finance large-scale AI expansion and whether institutional investors still see enough long-term potential to justify trillion-dollar valuations.