Frankly, no company should be allowed to IPO without showing steady profit. An exchange or index that promotes IPOs of unprofitable companies diminishes its reputation, and the reputation of all other stocks it indexes.

Anthropic is free to continue selling shares privately. They can setup a website and take cc payments if the care so much.

As far as your claim, it's fine to say let the market sort it out, but perhaps consider that pension funds and index funds now represent a market distortion that means anthropic crashing is harder and even if it does would happen after the mandatory purchases by the index funds which is basically a transfer from the public to the insiders at anthropic

You can do exactly that on Polymarket and make good money if you are right.