Paul Kedrosky Says AI Bubble May Be Hiding in Private Markets as Anthropic IPO Nears

What happened: Paul Kedrosky told Benzinga the AI bubble may sit in private markets rather than public stocks, as Anthropic files its S-1 and plans a Nasdaq listing under ANT. Key numbers: Anthropic first-half revenue $16.3 billion, up from $1.2 billion a year earlier, with a $693 million operating loss. Reports suggest a $1.5 trillion to $2 trillion valuation. Why it matters: Kedrosky said the IPO tests private valuations, and a wider repricing could hit markets like repricing the Nasdaq at the dot-com peak. He expects OpenAI to follow unless Anthropic stumbles. Market: +1.9% today ($254.08), +12.2% YTD, 0.5x vol — as of 18:17 UTC Verified: Q3_2026 (Oct 29) revenue $203.9B vs $203.9B est; next print ~Jan 28 Coverage: 5 outlets in 24h

Paul Kedrosky told Benzinga the AI bubble may sit in private markets rather than public stocks, as Anthropic files its S-1 and plans a Nasdaq listing under ANT.

Kedrosky said the IPO tests private valuations, and a wider repricing could hit markets like repricing the Nasdaq at the dot-com peak. He expects OpenAI to follow unless Anthropic stumbles. Market: +1.9% today ($254.08), +12.2% YTD, 0.5x vol — as of 18:17 UTC Verified: Q3_2026 (Oct 29) revenue $203.9B vs $203.9B est; next print ~Jan 28