What Anthropic’s IPO Filing Actually Says
Patrick Boyle 39:09
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Anthropic — the maker of the Claude AI models — has filed its S-1 prospectus for what could be the largest IPO in history, at a valuation somewhere between one and a half and two trillion dollars. In this video Patrick Boyle goes through the filing in detail: the eighty-billion-dollar “loss” that isn’t really a loss, the genuine operating profit nobody expected, the growth rate that quietly halved in the third quarter, the eight hundred billion dollars of compute commitments buried in the footnotes, and a corporate governance structure that leaves ordinary shareholders with almost no say at all. Is Anthropic a two-trillion-dollar bargain, an AI bubble about to pop, or something nobody — including Anthropic — can actually price? We look at what the numbers say, what they don’t, and why the honest answer is that both the bulls and the bears are guessing.
Paul Kedrosky on @HiddenForces : https://www.youtube.com/watch?v=mcn8HpgPBIY
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Patrick Boyle On Finance Podcast:
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Offer expires 6 months from 10/31/2026
Exclusions apply. $20 bonus paid by Revolut subject to the terms and conditions found: https://www.revolut.com/en-US/legal/partner-sign-up-bonus/
Anthropic — the maker of the Claude AI models — has filed its S-1 prospectus for what could be the largest IPO in history, at a valuation somewhere between one and a half and two trillion dollars. In this video Patrick Boyle goes through the filing in detail: the eighty-billion-dollar “loss” that isn’t really a loss, the genuine operating profit nobody expected, the growth rate that quietly halved in the third quarter, the eight hundred billion dollars of compute commitments buried in the footnotes, and a corporate governance structure that leaves ordinary shareholders with almost no say at all. Is Anthropic a two-trillion-dollar bargain, an AI bubble about to pop, or something nobody — including Anthropic — can actually price? We look at what the numbers say, what they don’t, and why the honest answer is that both the bulls and the bears are guessing.
Paul Kedrosky on @HiddenForces : https://www.youtube.com/watch?v=mcn8HpgPBIY
Patrick's Books:
Statistics For The Trading Floor: https://amzn.to/3eerLA0
Derivatives For The Trading Floor: https://amzn.to/3cjsyPF
Corporate Finance: https://amzn.to/3fn3rvC
Ways To Support The Channel
Patreon: https://www.patreon.com/PatrickBoyleOnFinance
Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle
Visit our website: https://www.onfinance.org
Follow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.social
Business Inquiries ➡️ sponsors@onfinance.org
Patrick Boyle On Finance Podcast:
Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0b
Apple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313
Google Podcasts: https://tinyurl.com/62862nve
Join this channel to support making this content:
https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join
Category (YouTube): Education
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