The AI Domino, Ski Resort Wipeouts, and Soccer's Fake Money Machine

Anthropic lost $42 billion last year on just $4.6 billion in revenue, yet the AI company is targeting a $2 trillion IPO — which would make it the biggest public offering in history, bigger than SpaceX. But here's the thing: one third of their IPO paperwork isn't about their business. It's about the end of the world.

Anthropic's Leaked IPO: Dreams vs. Doom

Anthropic's IPO paperwork leaked to Reuters late Monday night — possibly intentional, possibly a rogue employee, possibly "rogue AI," as the hosts joked. The numbers are staggering. Anthropic wants a $2 trillion valuation, double what it was worth just four months ago. But the leaked S-1 filing reveals $42 billion in losses last year, though most of that is accounting charges. The operating loss was a still-massive $8 billion — twice as big as SpaceX's losses.

Revenue grew 12X in 2025, faster than any company of comparable size. But for every dollar of Claude subscription revenue, Anthropic spends $1.60 on compute and $2.75 in total costs. They're selling something for one third of what it costs to produce.