TradingKey – Investors are preparing for Anthropic’s IPO and have started to think through the next phase of the development of traditional software. Since early 2026, many Software-as-a-Service (SaaS) providers have seen investors become increasingly less optimistic; will Anthropic and other AI capabilities replace or reduce the overall value of point solutions? Thus, we must now determine whether or not Palantir Technologies (PLTR) is still a good investment. To answer this question, we need to break apart the headline risk from the underlying fundamentals, look closely at Palantir’s operating model, and see how an Anthropic IPO might change investments from now until its IPO and how that might affect investing over time.