Anthropic, PBC ($ANT) just filed for a Nasdaq IPO. The AI safety lab is seeking a listing as early as this fall — with reports of a raise potentially north of $60B at a valuation that could top $2 tri

Revenue growth of roughly 1,088% to about $4.6B — but the leaked prospectus shows a $42B net loss in 2025 and an operating loss of about $8B. Roughly 25% of revenue came from just two customers. Biggest structural risk: a novel multi-class setup (Class T, F, E, N) concentrating control with founders and the Long-Term Benefit Trust. Add in PBC status requiring non-pecuniary interests to be balanced against stockholder value. Also on the risk list: no prior public market for Class A shares, and up to $518B in future cloud/infrastructure commitments alongside disclosed dependence on big tech partners. Offering price and share count are blank in the prelim. Bottom line: hypergrowth at a staggering loss, governance that sidelines public holders, and a $2T+ whisper valuation. Recent AI listings have popped then whipsawed — Cerebras +68% day one, CoreWeave volatile but ~125% up. Price and terms will decide this one.

Revenue growth of roughly 1,088% to about $4.6B — but the leaked prospectus shows a $42B net loss in 2025 and an operating loss of about $8B. Roughly 25% of revenue came from just two customers.