Reuters “leaked” information from the forthcoming Anthropic prospectus and the numbers were pretty brutal. But that isn’t stopping all of Wall Street from lining up to invest in yet another AI company (SpaceX) with no discernible path to profitability. In this episode, Max digs through what we learned from the Reuters release and pairs it with other publicly available information on Anthropic to paint a bleak picture of a five-year old company that loses a ton of money but is somehow asking to be valued at around $2 trillion. Max then leads a philosophical discussion about the future of AI and punching babies. (That last part will make more sense in context.)

Resources

Reuters: Anthropic’s IPO prospectus shows sweeping AI vision, surging costs

Perplexity Finance: AMZN

Perplexity Finance: XOM

Perplexity Finance: C

Reuters: Anthropic IPO valuation hinges on $190-200 billion 2028 revenue forecast, sources say

Yahoo! Finance: Anthropic IPO Filing Reveals a Major Vulnerability: Nearly 50% of Sales Flow Through Amazon and Google as Revenue Concentration Raises Risks: Report

AI: Reset to Zero: Anthropic Paces the Frontier, and Floors the IPO

Financial Times: Anthropic tells investors it will be profitable for second straight quarter

The New York Times: The Fallout From OpenAI’s Revenue Surprise

Bloomberg: Anthropic’s Annualized Revenue to Top $100 Billion in 2026, NYT Says

TechTarget: Report: Anthropic locks in $518B AI infrastructure commitments

Measured AI: Anthropic’s 15+ GW Data Center Build: Claude’s Compute, Campuses, and Chips

Fortune: The hidden menace behind Big Tech’s AI arms race: Meta, Amazon, and others are spending billions on hardware that’s worthless in as little as 3 years, says Research Affiliates partner

Investing.com: Earnings call transcript: Alphabet beats Q2 2026 estimates, shares fall on capex surge

Flowtivity: US vs China AI Models Compared: GPT-6 Astra, Fable 5.1, GLM 5.3, Kimi K3, DeepSeek V4, Qwen 3.8

BBC News: Amazon finally flows into profit

AEI: Who Should Antitrust Protect? The Case of Diapers.com

CNBC: SpaceX raises $25 billion in debt sale less than two weeks after IPO

Tech Times: Anthropic $15B Credit Line: Banks Commit $1B-Plus Each to Lock In IPO Roles

Yahoo! Finance: Wall Street tests lender appetite with $60 billion Broadcom-Anthropic deal

Dario Amodei: We Must Pace the Frontier

CSI Magazine: FCC says broadband competition is driving faster speeds and wider coverage

UNFTR Resources

Video: Anthropic, AI, and Why We Need to Talk About Punching Babies.

Essay: Mis(Anthropic).

Episode: The SpaceX IPO Fraud.

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Reuters &ldquo;leaked&rdquo; information from the forthcoming Anthropic prospectus and the numbers were pretty brutal. But that isn&rsquo;t stopping all of Wall Street from lining up to invest in yet another AI company (SpaceX) with no discernible path to profitability. In this episode, Max digs through what we learned from the Reuters release and pairs it with other publicly available information on Anthropic to paint a bleak picture of a five-year old company that loses a ton of money but is somehow asking to be valued at around $2 trillion. Max then leads a philosophical discussion about the future of AI and punching babies. (That last part will make more sense in context.)
Resources
Reuters: <a href="https://www.reuters.com/business/finance/anthropics-ipo-prospectus-shows-sweeping-ai-vision-surging-costs-2026-09-28/">Anthropic&rsquo;s IPO prospectus shows sweeping AI vision, surging costs</a>
Perplexity Finance: <a href="https://www.perplexity.ai/finance/AMZN">AMZN</a>
Perplexity Finance: <a href="https://www.perplexity.ai/finance/XOM">XOM</a>
Perplexity Finance: <a href="https://www.perplexity.ai/finance/C">C</a>
Reuters: <a href="https://www.reuters.com/business/anthropic-ipo-valuation-hinges-190-200-billion-2028-revenue-forecast-sources-say-2026-08-15/">Anthropic IPO valuation hinges on $190-200 billion 2028 revenue forecast, sources say</a>
Yahoo! Finance: <a href="https://finance.yahoo.com/technology/ai/articles/anthropic-ipo-filing-reveals-major-121817226.html">Anthropic IPO Filing Reveals a Major Vulnerability: Nearly 50% of Sales Flow Through Amazon and Google as Revenue Concentration Raises Risks: Report</a>
AI: Reset to Zero: <a href="https://michaelparekh.substack.com/p/ai-anthropic-paces-the-frontier-and">Anthropic Paces the Frontier, and Floors the IPO</a>
Financial Times: <a href="https://www.ft.com/content/4564e6a5-69e9-40a6-bf0f-a888f2f4f002">Anthropic tells investors it will be profitable for second straight quarter</a>
The New York Times: <a href="https://www.nytimes.com/2026/10/09/business/dealbook/openai-revenue-safety.html">The Fallout From OpenAI&rsquo;s Revenue Surprise</a>
Bloomberg: <a href="https://www.bloomberg.com/news/articles/2026-09-18/anthropic-s-annualized-revenue-to-top-100-billion-in-2026-nyt">Anthropic&rsquo;s Annualized Revenue to Top $100 Billion in 2026, NYT Says</a>
TechTarget: <a href="https://www.techtarget.com/it-infrastructure/news/366651336/Report-Anthropic-locks-in-518B-AI-infrastructure-commitments">Report: Anthropic locks in $518B AI infrastructure commitments</a>
Measured AI: <a href="https://measuredai.substack.com/p/anthropic-data-centers">Anthropic&rsquo;s 15+ GW Data Center Build: Claude&rsquo;s Compute, Campuses, and Chips</a>
Fortune: <a href="https://fortune.com/2026/04/15/data-centers-hyperscalers-spending-billions-on-hardware-thats-worthless-in-3-years/">The hidden menace behind Big Tech&rsquo;s AI arms race: Meta, Amazon, and others are spending billions on hardware that&rsquo;s worthless in as little as 3 years, says Research Affiliates partner</a>
Investing.com: <a href="https://www.investing.com/news/transcripts/earnings-call-transcript-alphabet-beats-q2-2026-estimates-shares-fall-on-capex-surge-93CH-4807140">Earnings call transcript: Alphabet beats Q2 2026 estimates, shares fall on capex surge</a>
Flowtivity: <a href="https://flowtivity.ai/blog/gpt-6-astra-vs-fable-5-1-vs-gemini-3-8-flash/">US vs China AI Models Compared: GPT-6 Astra, Fable 5.1, GLM 5.3, Kimi K3, DeepSeek V4, Qwen 3.8</a>
BBC News: <a href="http://news.bbc.co.uk/2/hi/business/3435965.stm">Amazon finally flows into profit</a>
AEI: <a href="https://www.aei.org/domestic-policy/technology-and-innovation/who-should-antitrust-protect-the-case-of-diapers-com/">Who Should Antitrust Protect? The Case of Diapers.com</a>
CNBC: <a href="https://www.cnbc.com/2026/06/23/spacex-debt-bond-market-ipo.html">SpaceX raises $25 billion in debt sale less than two weeks after IPO</a>
Tech Times: <a href="https://www.techtimes.com/articles/326608/20260904/anthropic-15b-credit-line-banks-commit-1b-plus-each-lock-ipo-roles.htm">Anthropic $15B Credit Line: Banks Commit $1B-Plus Each to Lock In IPO Roles</a>
Yahoo! Finance: <a href="https://finance.yahoo.com/technology/ai/articles/wall-street-tests-lender-appetite-214705266.html">Wall Street tests lender appetite with $60 billion Broadcom-Anthropic deal</a>
Dario Amodei: <a href="https://darioamodei.com/post/we-must-pace-the-frontier">We Must Pace the Frontier</a>
CSI Magazine: <a href="https://csimagazine.com/csi/FCC-broadband-report-summer26.php">FCC says broadband competition is driving faster speeds and wider coverage</a>
UNFTR Resources
Video: <a href="https://youtu.be/mMRGqvjOGaQ">Anthropic, AI, and Why We Need to Talk About Punching Babies</a>.
Essay: <a href="https://www.unftr.com/blog/misanthropic">Mis(Anthropic)</a>.
Episode: <a href="https://www.unftr.com/episodes/unftr190">The SpaceX IPO Fraud</a>.
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Unf*cking The Republic® (UNFTR) is dedicated to progressive politics, leftist economic theories, and social justice in the United States. Join us for deep dives into socialism, labor rights, climate justice, and the fight against inequality. Whether you're curious about Marxist ideas, modern social movements, or progressive policies, UNFTR delivers thoroughly sourced critiques, analyses, and interviews with the historical context mainstream media won't provide. Subscribe for informative and unabashedly progressive coverage of the leftist political and economic landscape.

Unf*cking The Republic&reg; (UNFTR) is dedicated to progressive politics, leftist economic theories, and social justice in the United States. Join us for deep dives into socialism, labor rights, climate justice, and the fight against inequality. Whether you're curious about Marxist ideas, modern social movements, or progressive policies, UNFTR delivers thoroughly sourced critiques, analyses, and interviews with the historical context mainstream media won't provide. Subscribe for informative and unabashedly progressive coverage of the leftist political and economic landscape.