Anthropic is asking Wall Street to believe in AGI

Today on Decoder, I’m joined by Joey Brookhart, an analyst at the chip and AI research firm SemiAnalysis, to help me dig into the story inside the numbers of the Anthropic IPO filing — a document known as an S-1. Anthropic just filed its S-1 to go public on the Nasdaq, and it could start trading as soon as next month at a valuation of anywhere between $1.5 trillion and $2 trillion. That would immediately make it one of the most valuable companies on the planet. But the price tag really isn’t the whole story here. The S-1 document published earlier this week is hundreds upon hundreds of pages filled with details that finally paint a picture of the economics of a frontier AI lab.

First reported by The Verge. This page is a short excerpt; the full text is theirs.