(Mis)Anthropic.
The Math Ain’t Mathing So Good.
Reuters “leaked” information from the forthcoming Anthropic prospectus and the numbers were pretty brutal. But that isn’t stopping all of Wall Street from lining up to invest in yet another AI company (SpaceX) with no discernible path to profitability. In this episode, Max digs through what we learned from the Reuters release and pairs it with other publicly available information on Anthropic to paint a bleak picture of a five-year old company that loses a ton of money but is somehow asking to be valued at around $2 trillion. Max then leads a philosophical discussion about the future of AI and punching babies. (That last part will make more sense in context.)
Show Notes
Resources
- Reuters: Anthropic’s IPO prospectus shows sweeping AI vision, surging costs
- The Wall Street Journal: Anthropic S-1 Shows Red-Hot Growth, Risks and Massive Computing Costs
- Perplexity Finance: AMZN
- Perplexity Finance: XOM
- Perplexity Finance: C
- Reuters: Anthropic IPO valuation hinges on $190-200 billion 2028 revenue forecast, sources say
- Yahoo! Finance: Anthropic IPO Filing Reveals a Major Vulnerability: Nearly 50% of Sales Flow Through Amazon and Google as Revenue Concentration Raises Risks: Report
- AI: Reset to Zero: Anthropic Paces the Frontier, and Floors the IPO
- Financial Times: Anthropic tells investors it will be profitable for second straight quarter
- The New York Times: The Fallout From OpenAI’s Revenue Surprise
- Bloomberg: Anthropic’s Annualized Revenue to Top $100 Billion in 2026, NYT Says
- TechTarget: Report: Anthropic locks in $518B AI infrastructure commitments
- Measured AI: Anthropic’s 15+ GW Data Center Build: Claude’s Compute, Campuses, and Chips
- Fortune: The hidden menace behind Big Tech’s AI arms race: Meta, Amazon, and others are spending billions on hardware that’s worthless in as little as 3 years, says Research Affiliates partner
- Investing.com: Earnings call transcript: Alphabet beats Q2 2026 estimates, shares fall on capex surge
- Flowtivity: US vs China AI Models Compared: GPT-6 Astra, Fable 5.1, GLM 5.3, Kimi K3, DeepSeek V4, Qwen 3.8
- BBC News: Amazon finally flows into profit
- AEI: Who Should Antitrust Protect? The Case of Diapers.com
- CNBC: SpaceX raises $25 billion in debt sale less than two weeks after IPO
- Tech Times: Anthropic $15B Credit Line: Banks Commit $1B-Plus Each to Lock In IPO Roles
- Yahoo! Finance: Wall Street tests lender appetite with $60 billion Broadcom-Anthropic deal
- Dario Amodei: We Must Pace the Frontier
- CSI Magazine: FCC says broadband competition is driving faster speeds and wider coverage
UNFTR Resources
Image Source
- TechCrunch, CC BY 2.0, via Wikimedia Commons. Changes were made.
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