Everybody Is Wrong About The Anthropic IPO
Anthropic is rumored to go public in November at $2.2 trillion, which would make it the sixth most valuable company in America. A leaked prospectus showed a $45 billion loss, and most of the coverage stopped there.
$34 billion of that figure is equity owed back to early investors rather than money spent. The real operating loss is $8.06 billion on about $4.6 billion of 2025 revenue. The prospectus also ends before Claude Code launched, so it misses the year the company says took it to roughly $100 billion in annual recurring revenue. Two customers account for about a quarter of 2025 revenue.
Timestamps
0:00 The Biggest IPO Ever
1:28 Five Years To A Trillion
3:56 The Numbers That Scared Everyone
6:29 The Prospectus Stops Too Early
7:33 Half A Trillion On Compute
8:43 The Nothing Burger
10:11 Profitable If You Ignore Claude
11:43 Everyone Is Spending Like This
14:51 Sixth Most Valuable In America
17:33 The Bull Case
20:48 The Bear Case
24:01 A Very Narrow Path
#Anthropic #AnthropicIPO #Claude #AI #AIbubble #YahooFinance #intheloop
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