Anthropic's IPO, led by Goldman Sachs and Morgan Stanley and targeting November 16, could raise about $100bn and price near $1.5tn, according to Chamath Palihapitiya.
David Sacks says Anthropic may produce the biggest venture outcome ever, citing about 85% gross margins and a reported $80bn loss he calls a non-cash convertible-note effect.
Google shares fell 10 to 15% after Q3 earnings, erasing about $500bn in market value even as Google Cloud doubled to $30.7bn in revenue.
Anthropic Files for IPO With Revenue Up Fourteenfold
Funding and deals
Anthropic. AI lab targets a roughly $100bn IPO for November 16, led by Goldman Sachs and Morgan Stanley, with hosts eyeing $1tn to $2tn.
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Anthropic's S-1 shows revenue up fourteenfold. First-half 2026 revenue hit $16.3bn with gross margin near 85%. David Sacks calls it likely the biggest venture outcome ever and says the reported $80bn loss is a non-cash convertible note charge.
Anthropic's big-spending customers jump to 11,900. Customers spending $100,000 or more rose from 1,500 at the end of 2025 to 11,900 by September. David Friedberg estimates each Nvidia dollar becomes $18 of Anthropic revenue and calls it only 1% penetrated.
Google loses $500bn despite cloud doubling. Alphabet fell 10 to 15% after Q3 as search growth slowed to 12% and dipped below half of revenue, while Cloud doubled to $30.7bn. David Sacks calls Google oversold, and Jason Calacanis bought more.
AI borrowing now rivals US Treasury issuance. Chamath Palihapitiya says AI firms account for 30 to 40% of Treasury issuance, which could push up yields and borrowing costs and make the sector too big to fail.
Compute is Anthropic's biggest risk factor. Chamath Palihapitiya says data centers lead the compute risk. He notes only 250 customers spend $10m or more, so spending must climb into the tens of millions.
Seven Anthropic founders keep majority voting control. A single class F share gives the founders 50.1% of voting power, and Jason Calacanis says 80% of their shares are going into a nonprofit entity.
Anthropic spends heavily to shape AI policy. David Sacks says Anthropic hired former Biden and Trump officials and funds super PACs, arguing it seeks regulatory capture that should not be allowed.
AI build-out drives all US growth, Sacks says. GDP grew 3.7% in Q3 with AI capital spending around 3% of GDP. Jason Calacanis counters that Trump's own supporters call the economy a disaster.
Prediction markets favour Democrats in midterms. Polymarket gives Democrats 68% odds for the Senate and 92% for the House, though Chamath Palihapitiya expects Republicans to hold the Senate. David Sacks dismisses polling as biased.
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