Anthropic IPO's Liquidity Tsunami: IBKR's Net Interest Income Vulnerability and the Blockchain Liquidity Revolution

In the flickering light of a late-night bear market screen, one headline cut through the noise: Anthropic, the frontier AI lab backed by crypto-tinged investors, eyes an IPO that could redraw capital flows across traditional brokerage accounts. Interactive Brokers (IBKR), that low-commission king of discount trading, feels the ripple already. Its net interest income—normally 60-70% of revenue—could shrink 10-15% in a single quarter as customer cash migrates toward underwriters and new share vehicles. This isn't abstract Wall Street math. It's liquidity bleeding out of the system in real time.