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Anthropic taps IPO lawyers as it races OpenAI to go public

ft.com

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Re: Anthropic taps IPO lawyers as it races OpenAI to go public

#91

Post by rvnx »

theptip wrote: post #62
blitzar wrote: post #10

Earlier quoted context omitted.

> Claude Code is arguably the best tool in its category at the moment. They have the developer market locked in. I am old enough (> 1 year old) to remember when Cursor had won the developer market from the previous winner copilot. Google or Apple should have locked down Anthropic.

> Cursor had won the developer market from the previous winner copilot It’s a fair point, but the counter-point is that back then these tools were ide plugins you could code up in a weekend. Ie closer to a consumer app. Now Claude Code is a somewhat mature enterprise platform with plenty of integrations that you’d need to chase too. And long-term enterprise sales contracts you’d need to sell into. Ie much more like a…

I'm not sure what is the advantage of Cursor ? It's just a VS Code plugin that sends queries to LLMs, why is it valued so much ? It's quite basic.

Is there some sort of unlimited plan that people take advantage of ?

Re: Anthropic taps IPO lawyers as it races OpenAI to go public

#92

Post by tapoxi »

JohnnyMarcone wrote: post #79
disgruntledphd2 wrote: post #66

Earlier quoted context omitted.

> They have a clear path to profitability I'd love to see evidence for such a thing, because it's not clear to me at all that this is the case. I personally think they're the best of the model providers but not sure if any foundation model companies (pure play) have a path to profitability.

What do you mean by pure play? Claude code alone is 1B revenue. It's not just the API they make money on. https://www.anthropic.com/news/anthropic-acquires-bun-as-cla...

But there's no moat around these models, they're all interchangeable and leapfrogging each other at a decent pace.

Gemini could get much better tomorrow and their entire customer base could switch without issue.

Re: Anthropic taps IPO lawyers as it races OpenAI to go public

#93

Post by ajkjk »

dooglius wrote: post #88
rvnx wrote: post #80

Earlier quoted context omitted.

Why would they buy Anthropic when they already have access to all the tech and source-code of Anthropic for free ? Not only the models but also training data, model architecture, documentation, weights and latest R&D experiments ? Take an instance -> Snapshot -> Investigate. Unless they get caught it is not illegal.

GP is just commenting on the use of a mixed metaphor.

hell if passing the buck is the opposite of holding the bag then maybe we should mix em

maybe the full array of options is: pass the hot potato, hold the buck, or drop it like a bag.

Re: Anthropic taps IPO lawyers as it races OpenAI to go public

#94

Post by DarmokJalad1701 »

bombcar wrote: post #18
Havoc wrote: post #17

Retail investors yoloing into AI at peak bubble vibes sounds about right

This is the real note - if the company was truly valuable, they wouldn't IPO, they'd get slurped up by someone big. Modern IPOs are mainly dumping on retail and index investors.

What index fund is buying into IPOs ? The S&P 420?

Re: Anthropic taps IPO lawyers as it races OpenAI to go public

#95

Post by dkdcio »

Lionga wrote: post #72
baggachipz wrote: post #25

That S1 is gonna make for a fun read. It'll make Adam Neumann blush.

Dario Amodei gives of strong Adam Neumann vibes. He claimed "AI will replace 90% of developers within 6 months" about a year ago...

that’s not what he claimed, just to be clear. I’m too lazy to look up the full quote but not lazy enough to not comment this is A) out of context B) mis-phrased as to entirely misconstrue the already taken-out-of-context quote

I think it was also back in March, not a year ago

Re: Anthropic taps IPO lawyers as it races OpenAI to go public

#96

Post by andrew_lettuce »

torginus wrote: post #37
Havoc wrote: post #17

Retail investors yoloing into AI at peak bubble vibes sounds about right

Just how much of the market do retail investors control? I thought they were a drop in the bucket. Also, is there a way to know how much of the total volume of shares is being traded now? If I kept hyping my company (successfully), and drove the share price from $10 to $1000, thanks to retail hype, I could 100x the value of my company lets say from $100m to $10B, while the amount of money actually changing hands woul…

When you add in money managed on behalf of retail investors it gets big fast, thinking indexed funds, pensions etc. they are not immune, and ETFs by definition need to participate

Re: Anthropic taps IPO lawyers as it races OpenAI to go public

#97

Post by outside1234 »

antiloper wrote: post #75
bombcar wrote: post #18

Earlier quoted context omitted.

This is the real note - if the company was truly valuable, they wouldn't IPO, they'd get slurped up by someone big. Modern IPOs are mainly dumping on retail and index investors.

Index investors aren't exposed to IPOs, since the common indexes (SPX etc) don't include IPOs (and if you invest in a YOLO index that does, that's on you). Also: > The US led a sharp rebound, driven by a surge in IPO filings and strong post-listing returns following the Federal Reserve’s rate cut. https://www.ey.com/en_us/insights/ipo/trends

VTI and VT, two of the largest index funds, DO invest in unprofitable companies.

And for the rest (SP 500 etc), these companies are going to fake profits using some sort of financial engineering to be included.

Re: Anthropic taps IPO lawyers as it races OpenAI to go public

#98

Post by andrew_lettuce »

bombcar wrote: post #18
Havoc wrote: post #17

Retail investors yoloing into AI at peak bubble vibes sounds about right

This is the real note - if the company was truly valuable, they wouldn't IPO, they'd get slurped up by someone big. Modern IPOs are mainly dumping on retail and index investors.

This isn't really true. IPOs provide access to much more money in a very short time frame. They also allow parties involved to make huge coin before, during and immediately after the process.

Re: Anthropic taps IPO lawyers as it races OpenAI to go public

#100

Post by andrew_lettuce »

jascha_eng wrote: post #32
JosephjackJR wrote: post #3

Earlier quoted context omitted.

[flagged]

> reportedly in the low single-digit billions at best They are expected to hit 9 billion by end of year. Meaning the valuation multiple is only 30x. Which is still steep but at that growth rate not totally unreasonable. https://techcrunch.com/2025/11/04/anthropic-expects-b2b-dema...

30 for a company that doesn't pay anything and may never pay off at all is crazy in my book, so as a best case scenario it's an obvious hard pass.
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