Anthropic files for IPO at $1.5T valuation

Anthropic has filed for an IPO at a valuation expected around $1.5 trillion, driven by rapid enterprise adoption and high usage-metered revenue. However, the author argues that the company faces significant margin pressure from falling open-source model prices, massive long-term compute commitments, and a heavy share unlock schedule that creates substantial downside risk for public investors during the first year. Open article →