14 ms·

Anthropic taps IPO lawyers as it races OpenAI to go public

• rvz 11mo ago
  > In a statement, an Anthropic spokesperson said: “We have not made any decisions about when, or even whether, to go public.” They are going public.
  • JosephjackJR 11mo ago
    [flagged]
    • pu_pe 11mo ago
      The optimistic view is that Anthropic is one of about four labs in the world capable of generating truly state-of-the-art models. Also, Claude Code is arguably the best tool in its category at the moment. They have the developer market locked in. The problem as I see it is that neither of those things are significant moats. Both OpenAI and Google have far better branding and a much larger user base, and Google also has far lower costs due to TPUs. Claude Code is neat but in the long run will definitely be replicated.
      • blitzar 11mo ago
        > 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.
        • pragmatic 11mo ago
          If they had, they would have killed it. Google should be stomping everyone else but it's ad addiction in search will hold it back. Innovators dilemma...
        • bionhoward 11mo ago
          Cursor still wins over Claude Code because Cursor has privacy mode
        • theptip 11mo ago
          > 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 an enterprise SAAS play. I don’t want to push this argument too far as I think their actual competitors (eg Google) could crank out the work required in 6-12 months if they decided to move in that direction, but it does protect them from some of the frothy VC-funded upstarts that simply can’t structurally compete in multi-year enterprise SAAS.
          • rvnx 11mo ago
            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 ?
            • camdenreslink 11mo ago
              It works well, and had first mover advantage. It also is a fork of VSCode, not just an extension/plugin.
            • dana321 11mo ago
              Its really easy to use, you download, login and start working. Its a step up from copy-pasting from an llm. But claude code is on another level.
            • fragmede 11mo ago
              Fun fact! You can use the word "just" in front of anything to make is sound trivial. Isn't planet Earth just one of eight planets in the Solar System? What's the big deal? Isn't Google just a website? Take out the word "just" and think on it a little. In this case, maybe there's something to that?
      • milowata 11mo ago
        The missing piece here is Anthropic is not playing the same game. Consumer branding and larger user base are concerns for OpenAI vs Google. Personal chatbot/companion/ search isn’t their focus. Anthropic is going for the enterprise and for developers. They have scooped up more of the enterprise API market than either Google or OpenAI, and almost half the developer market. Those big, long contracts and integration into developer workflows can end up as pretty strong moats.
      • SOLAR_FIELDS 11mo ago
        most of the secret sauce of Claude Code is visible to the world anyway, in the form of the minified JavaScript bundle they send. If you’re ever wondering about its inner workings you can simply ask it to deminify itself
      • SOLAR_FIELDS 11mo ago
        Most of the secret sauce of Claude Code is visible to the world anyway, in the form of the minified JavaScript bundle they send. If you’re ever wondering about its inner workings you can simply ask it to deminify itself
      • gtirloni 11mo ago
        > They have the developer market locked in Developers will jump ship to a better tool at a blink of an eye. I wouldn't call it locked in at all. In fact, people do use Claude Code and Codex simultaneously in some cases.
        • bostik 11mo ago
          Individual and startup devs yes. Enterprise devs, less so. The latter are locked in to whatever vendor(s) their corporate entity has subscribed to. In a perverse twist, this gives the approved[tm] vendors an incentive to add backend integrations to multiple different providers so that their actual end-users can - at least in theory - choose which models to use for their work.
      • sleepybrett 11mo ago
        > They have the developer market locked in. when has anything been 'locked in', someone comes with a better tool people will switch.
      • riku_iki 11mo ago
        > The optimistic view is that Anthropic is one of about four labs in the world capable of generating truly state-of-the-art models. what about Chinese models?..
    • LatteLazy 11mo ago
      1. Sounds like exactly when early investors and insiders would want to cash in and when retail investors who “have heard of the company and like the product” will buy without a lot of financial analysis. 2. A 300bn IPO can mean actually raising n 300bn by selling 100% of the company. But it could also mean seeing 1% for 3bn right? Which seems like a trivial amount for the market to absorb no?
      • blitzar 11mo ago
        > A 300bn IPO ... raising 3bn Would be so massively oversubscribed that it would become a $600bn company by the end of the day (which is a good tactic for future fund raising too). I suspect if/when Anthropic does its next raise VCs will be buyers still not sellers.
    • trjordan 11mo ago
      > the gap to GPT-4o, Gemini 2 ... is shrinking fast Are you ... aware that OpenAI and Google have launched more recent models?
      • anthonypasq 11mo ago
        almost every single AI doomer i listen to hasnt updated any of their priors in the last 2 years. these people are completely unaware of what is actually happening at the frontier or how much progress has been made.
        • nubg 11mo ago
          Their ignorance is your opportunity.
      • esafak 11mo ago
        That jumped out at me too. Like a time-traveling comment or something!
        • blovescoffee 11mo ago
          Like "someone" who's knowledge cutoff is from a while back...
          • deleted 11mo ago
            [deleted]
        • ctoth 11mo ago
          This is what happens when someone copies and pastes their old comment, note the other tells.
          • brazukadev 11mo ago
            Nope, more like a LLM that doesn't know about GPT 5 and Gemini 3
    • deleted 11mo ago
      [deleted]
    • jascha_eng 11mo ago
      > 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-demand-to-boost-revenue-to-70b-in-2028-report/ https://techcrunch.com/2025/11/04/anthropic-expects-b2b-dema...
      • andrew_lettuce 11mo ago
        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.
    • whp_wessel 11mo ago
      is this comment created by AI? acc created in last 24 hours, lots of long ai-speak
    • nbardy 11mo ago
      You haven’t actually looked at their fundamentals. They’re profitable serving current models including training costs and are only losing money on future RD training, but if you project future revenue growth on future generations of models you get a clear path to profitability. They charge higher costs than OpenAI and have faster growing API demand. They have great margins compared to the rest of the industry on inference. Sure the revenue growth could stop but it hasn’t and there is no reason to think it will.
      • disgruntledphd2 11mo ago
        > They’re profitable serving current models including training costs I hear this a lot, do you have a good source (apart from their CEO saying it in an interview). I might have more faith in him but checks notes, it's late 2025 and AI is not writing all our code yet (amongst other mental things he's said).
        • JohnnyMarcone 11mo ago
          We will all have a great source if they IPO :)
        • TSiege 11mo ago
          The best I kind is this tech crunch article, which appears to be referencing an article from the information that is pay walled. > The Information reports that Anthropic expects to generate as much as $70 billion in revenue and $17 billion in cash flow in 2028. The growth projections are fueled by rapid adoption of Anthropic’s business products, a person with knowledge of the company’s financials said. > That said, the company expects its gross profit margin — which measures a company’s profitability after accounting for direct costs associated with producing goods and services — to reach 50% this year and 77% in 2028, up from negative 94% last year, per The Information. https://techcrunch.com/2025/11/04/anthropic-expects-b2b-demand-to-boost-revenue-to-70b-in-2028-report/ https://techcrunch.com/2025/11/04/anthropic-expects-b2b-dema...
          • disgruntledphd2 11mo ago
    • raldi 11mo ago
      Offtopic, but how do you get the special X to show up when you type “50–100×”?
      • variaga 11mo ago
        On my phone keyboard (android) "×" is a long-press on "w"
  • surgical_fire 11mo ago
    Well, they have to. Every grift needs bagholders. If they get to be a memestock, they might even keep the grift going for a good while. See Tesla as a good example of this.
• zerosizedweasle 11mo ago
  Okay, let’s see you guys get passed the inference costs disclosure. According to WSJ it is enough to kill the frontier shop business model. It’s one of the biggest things blocking OpenAI https://www.wsj.com/tech/ai/big-techs-soaring-profits-have-an-ugly-underside-openais-losses-fe7e3184 https://www.wsj.com/tech/ai/big-techs-soaring-profits-have-a...
  • politelemon 11mo ago
    Do you mean as part of going public they need to make public how much they spend on inference versus how much they make?
    • blackjack_ 11mo ago
      Yes to IPO you have to submit an S-1 form which requires the last 3 years of your full financials and much more. You can’t just IPO without disclosing how your business works and whether it makes or loses money and how much.
  • ac29 11mo ago
    Inference costs aren't a problem, selling inference is almost certainly profitable. The problem is that its (probably) not profitable enough to cover the training and other R&D costs.
    • disgruntledphd2 11mo ago
      Don't forget all the other costs of their business, like paying sales and solutions people (expensive, not going away any time soon).
      • fragmede 11mo ago
        Wait, I thought AI was gonna put us all out of jobs tho.
        • 11mo ago
• spacecadet 11mo ago
  [flagged]
• HarHarVeryFunny 11mo ago
  It's interesting that Amazon don't appear interested in acquiring Anthropic, which would have seemed like somewhat of a natural fit given that they are already partnered, Anthropic have apparently optimized (or at least adapted) for Trainium, and Amazon don't have their own frontier model. It seems that Amazon are playing this much like Microsoft - seeing themselves are more of a cloud provider, happy to serve anyone's models, and perhaps only putting a moderate effort into building their own models (which they'll be happy to serve to those who want that capability/price point). I don't see the pure "AI" plays like OpenAI and Anthropic able to survive as independent companies when they are competing against the likes of Google, and with Microsoft and Amazon happy to serve whatever future model comes along.
  • hyperbovine 11mo ago
    LOL of course they don't want to own Anthropic, else they themselves would be responsible for coming up with the $10s of billions in Monopoly money that Anthropic has committed to pay AMZN for compute in the next few years. Better to take an impressive looking stake and leave some other idiot holding the buck.
    • Lionga 11mo ago
      [flagged]
      • rvnx 11mo ago
        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.
        • dooglius 11mo ago
          GP is just commenting on the use of a mixed metaphor.
• Havoc 11mo ago
  Retail investors yoloing into AI at peak bubble vibes sounds about right
  • bombcar 11mo ago
    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.
    • antiloper 11mo ago
      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 https://www.ey.com/en_us/insights/ipo/trends
      • outside1234 11mo ago
        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.
    • DarmokJalad1701 11mo ago
      What index fund is buying into IPOs ? The S&P 420?
    • andrew_lettuce 11mo ago
      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.
  • torginus 11mo ago
    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 would be miniscule in comparison.
• rothific 11mo ago
  It could be smart for them to get in now with so much talk of a bubble or potential stock market correction.
  • hansmayer 11mo ago
    ...this -> those bags wont hold themselves now, will they ?
  • Ekaros 11mo ago
    "Be first, be smarter, or cheat" well. Being first might really be the best game theory move if the collapse will start from you.
    • antiloper 11mo ago
      But they aren't the first. Google is the first frontier model lab to go public.
  • margorczynski 11mo ago
    I guess the clock is ticking. Probably OAI will try to IPO soon also.
  • bwfan123 11mo ago
    throwback to 1999-2002. The employees/VCs of companies that IPOd in 1999, and early 2000 cashed out leaving bag holders. The companies that IPOd in 2000/2001 had a mixed bag. The six-month-lockup had many employees salivating but unable to cash out. It all depended on the timing of the thing. This time around there are private markets that apparently are allowing the employees to become liquid. Nevertheless, earlier is better for startups to IPO particularly when the tide appears to be turning.
• catigula 11mo ago
  This seems contrary to their stated goal to prioritize AI safety. It is against the law to prioritize AI safety if you run a public company. You must prioritize profits for your shareholders.
  • unstatusthequo 11mo ago
    Do you think they currently exist to prioritize AI safety? That shit won’t pay the bills, will it? Then they don’t exist. Goals are nice, OKRs yay, but at the end of the day, we all know the dollar drives everything.
    • simgt 11mo ago
      No that's not what they think, that's why they used sarcasm.
    • PunchyHamster 11mo ago
      It's simple, they will redefine the term (just like OpenAI redefined "AGI" into "just makes a lot of money) into "doesn't leak user data" and then claim success
  • sidrag22 11mo ago
    "We expect that advertising funded search engines will be inherently biased towards the advertisers and away from the needs of the consumers." -google cofounders Larry Page and Sergey Brin then came the dot com bubble.
  • vessenes 11mo ago
    Unless you're a benefit corp, this is true for private companies as well. Quick q - which of the AI companies are benefit corps?
    • catigula 11mo ago
      Anthropic, the corporation we're talking about.
  • 11mo ago
• baggachipz 11mo ago
  That S1 is gonna make for a fun read. It'll make Adam Neumann blush.
  • conroydave 11mo ago
    that wework s1 was gold
    • esafak 11mo ago
      Elevating the world's consciousness! https://www.wework.com/newsroom/wecompany https://www.wework.com/newsroom/wecompany
    • cmiles8 11mo ago
      It was so bad a lot of folks thought it was fake when first released! People couldn’t believe WeWork was actually that clueless about how six a thing would land.
  • Lionga 11mo ago
    Dario Amodei gives of strong Adam Neumann vibes. He claimed "AI will replace 90% of developers within 6 months" about a year ago...
    • dkdcio 11mo 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
      • nerevarthelame 11mo ago
        https://www.businessinsider.com/anthropic-ceo-ai-90-percent-code-3-to-6-months-2025-3 https://www.businessinsider.com/anthropic-ceo-ai-90-percent-... (March 2025): >"I think we will be there in three to six months, where AI is writing 90% of the code. And then, in 12 months, we may be in a world where AI is writing essentially all of the code," Amodei said at a Council of Foreign Relations event on Monday. >Amodei said software developers would still have a role to play in the near term. This is because humans will have to feed the AI models with design features and conditions, he said. >"But on the other hand, I think that eventually all those little islands will get picked off by AI systems. And then, we will eventually reach the point where the AIs can do everything that humans can. And I think that will happen in every industry," Amodei said. I think it's a silly and poorly defined claim.
• dnw 11mo ago
  I was thinking this is going to happen because last night I got an email about them fixing how they collect sales taxes. Having been part of a couple of IPO/acquisitions, I thought to myself: "Nobody cares about sales taxes until they need to IPO or sell."
• ChrisArchitect 11mo ago
  Source: https://giftarticle.ft.com/giftarticle/actions/redeem/3ffefa37-4fc6-4968-9a6b-0d65c403561d https://giftarticle.ft.com/giftarticle/actions/redeem/3ffefa...
• muffa 11mo ago
  I love claude, but looking at google it seems like it will just be a matter of time before Google/Gemini will be a better product. Just looking at how much Google have improved their AI game the last couple months. I'm putting my money on google, I assume the reason they are doing an IPO right now is to be able to cash in on the investment before google surpasses them. It's a hot take, I know :D
  • baq 11mo ago
    Opus 4.5 is good. At least in Cursor it’s much better than Gemini 3 Pro for writing a lot of code autonomously: faster and calls tools better. That said Gemini is still very, very good at reviews, SQL, design and smaller (relatively) edits; but today it is not at all obvious that Google is going to win it all. They’re positioned very well, but execution needs to be top notch.
    • esperent 11mo ago
      > much better than Gemini 3 Pro for writing a lot of code I know that people here are myopically focussed on code, but that's not what the majority of people use AI for. If Opus 4.5 is better than Gemini 3 for code, but the same or worse for most other uses (which seems to be the case according to benchmarks), that's great for us but terrible for Anthropic. Claude still can't even draw basic pictures, for example.
      • deleted 11mo ago
        [deleted]
  • aantix 11mo ago
    Have you tried Opus 4.5? It's an absolute workhorse. It is so proactive in fixing blockers - 90% of the time for me, choosing the right path forward.
    • parapatelsukh 11mo ago
      [flagged]
• zozbot234 11mo ago
  Does this mean that Anthropic has more than reached AGI, seeing as OpenAI has officially defined "AGI" as any AI that manages to create more than a hectocorn's worth (100 unicorns, or $100B) in economic value?
  • andsoitis 11mo ago
    If they have reached AGI (whatever the definition), we should be prioritizing looking for signs of misanthropy.
    • rvnx 11mo ago
      https://assets1.cbsnewsstatic.com/hub/i/2024/11/15/3ea53e31-ca43-4b5b-b66c-8a00138438d7/chatbot-die.jpg https://assets1.cbsnewsstatic.com/hub/i/2024/11/15/3ea53e31-... Google Gemini
  • PunchyHamster 11mo ago
    defined ? You mean re-defined to turn it into goal that's achievable within reasonable timeframe
  • medler 11mo ago
    That was $100B in profits, not valuation.
    • zozbot234 11mo ago
      Profits over what timeframe? Valuation is just the total sum of profit discounted for time and risk.
      • medler 11mo ago
        I think the idea was that it was the sum of all historical profits. Contrast that with valuation, which at best is about the expectation of future profits.
• ares623 11mo ago
  I guess (hope) this means they don’t see a bailout happening soon enough
• nextworddev 11mo ago
  interesting HN is so bearish considering most of them spend more on AI daily than any other saas category
  • schmichael 11mo ago
    Citation needed? I spend $0 on AI. My employer spends on it for me, but I have no idea how much nor how it compares to vast array of other SaaS my employer provides for me. While I anecdotally know of many devs who do pay out of pocket for relatively expensive LLM services, they a minority compared to folks like me happy to leach off of free or employer-provided services. I’m very excited to hopefully find out from public filings just how many individuals pay for Claude vs businesses.
  • hvb2 11mo ago
    Even the best product in the world can come from a company whose own valuation is too high. Anyone is bearish on Nvidia today if the share price would be at a $10T valuation.
  • Traster 11mo ago
    There's a difference between a good product and a good business. It's easy to see this is a great product but it's really difficult to see how it's a great business. All the traditional things we look for from great businesses seem to be absent here - they don't have network effects like facebook or uber, they don't have lock-in they way Apple has, and to a large extent they don't have the traditional economics of SAAS. They have a product that is interchangeable with 3 or 4 other companies, they have extremely high initial investment costs to train models, and it's not clear they can actually sell tokens for more than it costs to make them. It's like the foundry business, an ever increasing cost of moving to the next node requires ever increasing scale which naturally kills off competition.
    • nextworddev 11mo ago
      (checks Anthropic's ARR growth) you are wrong
• yoyohello13 11mo ago
  Let the enshitification of Claude commence!
• bonsai_spool 11mo ago
  Amodei is at the NYT Dealbook Summit today at 1:40 Eastern
• boh 11mo ago
  Honestly these IPOs are likely to kill the market. Once the necessary disclosures are out, and the worse-case math people are assuming turns out to have been way more optimistic than the actual truth, the entire market is likely crashing since the money is so spread out. So far there has been zero good news from an investment perspective out of LLM centered companies outside of what are ultimately just complex financial engineered investments.
  • nostrademons 11mo ago
    If they get into the S&P 500 at a $300B market cap that puts them at #30, just behind Coca-Cola. They'll make up about half a percent of the index and then will have a ready supply of price-insensitive buyers in the form of everybody who puts their retirement fund into an index fund on autopilot.
    • chollida1 11mo ago
      Well they'll hit the requirements for company size and country of domicile, but aren't yet at the other requirements, of profitability and a minimum of 12 months after an IPO so they have a chance of being added. As to the size of the bump they'll get there isn't a single rule of thumb but larger cap companies tend to get a smaller bump, which you'd expect. I've seen models estimate a 2-5% bump for large companies and a 4-7% bump for mid level and 6-12% for "small" under $20 Billion dollar market cap companies.
    • boh 11mo ago
      So if things go perfectly--it'll be good. Good to know.
    • lotsofpulp 11mo ago
      SP500 is a capitalization* weighted index, hence it is very price sensitive. Everybody who puts their retirement fund into an index fund are buying the index fund without relation to the index fund's price (aka price insensitive). But the index fund itself is buying shares based on each company's relative performance, hence the index fund is price sensitive. That is evidenced by companies falling out of the SP500 and even failing. *specifically float-adjusted market capitalization https://www.spglobal.com/spdji/en/documents/index-policies/methodology-sp-float-adjustment.pdf?force_download=true https://www.spglobal.com/spdji/en/documents/index-policies/m... >The goal of float adjustment is to adjust each company’s total shares outstanding for long-term, strategic shareholders, whose holdings are not considered to be available to the market. see also: https://www.spglobal.com/spdji/en/methodology/article/sp-us-indices-methodology/ https://www.spglobal.com/spdji/en/methodology/article/sp-us-...
• mNovak 11mo ago
  So would a $300B Anthropic get included in the SP500?
  • kevinqi 11mo ago
    I think there are profitability requirements, right?
    • BJones12 11mo ago
      Profitability in both 3 month and 12 month spans. Also minimum 12 months of trading history after IPO. See page ~9 of https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-us-indices.pdf https://www.spglobal.com/spdji/en/documents/methodologies/me...
• gautamcgoel 11mo ago
  How would this work, given that Anthropic is a public benefit corporation?
  • skizm 11mo ago
    Etsy was a B-corp at the time of their IPO, so there is some precedent.
• mrinterweb 11mo ago
  IPO makes sense for those who might want to cash out before the bubble bursts.
• seydor 11mo ago
  Now that's the beginning of a bubble worth investing in
• mrcwinn 11mo ago
  Whatever you think about AI, it is a good that Anthropic go public and I argue it’s consistent with their mission. It’s better for the public to have a way to own a piece of the company. In an interview Sam Altman said he preferred to stay away from an IPO, but the notion of the public having an interest in the company appealed to him. Actions speak louder than words, and so it is fitting from a mission standpoint that Anthropic may do it first.
• mnort9 11mo ago
  It kind of feels like Anthropic needs to IPO before OpenAI. If OpenAI IPO's first, it'd be huge. Then Anthropic does, but AI IPO hype has sailed. If Anthropic IPO's first, they get the AI IPO hype. OpenAI IPO probably huge either way.
• socketcluster 11mo ago
  Meanwhile I tap bankruptcy lawyers as I race Anthropic and OpenAI to stay solvent.
  • moffkalast 11mo ago
    If you spend your last capital on acetone and ethanol reserves you might be able to stay solvent for a lot longer.
    • N_Lens 11mo ago
      A chemistry joke in MY financial thread?!
      • nickpinkston 11mo ago
        And we didn't have to add an amphiphilic to make them mix
• bethekidyouwant 11mo ago
  I guess the bubble pops the day these IPO
  • marcosdumay 11mo ago
    More likely the day the public is allowed to trade the new stock.
• bredren 11mo ago
  https://archive.is/2025.12.03-180256/https://www.ft.com/content/3254fa30-5bdb-4c30-8560-7cd7ebbefc5f https://archive.is/2025.12.03-180256/https://www.ft.com/cont...
• outside1234 11mo ago
  Man, people really don't learn. Setting money on fire would have a better outcome than investing in an IPO like this.
• an0malous 11mo ago
  They’re trying to pass the bag to retail investors before the bubble pops
  • stock_toaster 11mo ago
    I think you are exactly right.
• N_Lens 11mo ago
  I think people here on HN have a front seat perspective on the value of Anthropic & Claude because it's simply the best/most consistent coding assistant AI. I don't think there's a broad awareness of Anthropic's market edge at the moment, the IPO may be a good time to invest.
  • xnx 11mo ago
    > because it's simply the best/most consistent coding assistant AI Have you used Gemini 3?
    • blitz_skull 11mo ago
      Is it really that much better than Claude? Claude has been my daily driver for a couple years now and I imagine if Gemini was THAT much better, I would’ve heard about it by now.
      • s1gsegv 11mo ago
        I haven’t had a chance to use it for code yet but now that Opus 4.5 and Gemini 3 Pro came out I started throwing side by side queries at both and Gemini has been consistently more accurate and useful. A bit of a shame because I find Gemini’s style to be a bit annoying.
        • pragmatick 11mo ago
          From what I've read and heard Gemini is the superior model but Claude Code is the better tool.
      • xnx 11mo ago
        Certainly close enough that Claud can't be claimed to be "simply the best/most consistent coding assistant".
  • deleted 11mo ago
    [deleted]
• johnnienaked 11mo ago
  Last month OpenAI was IPOing soon before Sam said they weren't IPOing soon
• kevin061 11mo ago
  I have no doubt many of these companies will go bankrupt, but I wonder who will be first. Google and Microsoft are pushing AI extremely heavily but they have other sources of revenue, whereas ChatGPT only has partnerships and subscribers. Are they profiting from their 200 USD tier? Because it seems quite obvious to me they are just bearing the brunt of free users by being loss leaders at the moment.
  • aurareturn 11mo ago
    I have no doubt many of these companies will go bankrupt, but I wonder who will be first. All companies go bankrupt given enough time.
    • Nautman 11mo ago
      In the long run we are all dead.
• Havoc 11mo ago
  Emphasis on race. Get it done before this implodes
• deleted 11mo ago
  [deleted]