For decades, Silicon Valley sold investors a familiar myth: great companies emerged from garages, dorm rooms, and brilliant founders. The government played a supporting role, if any role at all.

But as two of the most anticipated IPOs in history approach, Anthropic and SpaceX exemplify the next generation of tech giants that owe as much to Washington as to venture capital.

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Yes, they each operate in very different industries, but Anthropic and SpaceX have become essential partners to the U.S. government. Together, they illustrate a broader shift in the American economy: government demand is once again helping create corporate titans.

SpaceX