The filing itself comes as no surprise to me. The main investors simply want to turn their holdings into profits now. What is remarkable is the valuation. The reported growth does seem to justify at least some of the market’s excitement. But at this scale, investors are essentially placing four big bets:

1. AI-related spending will keep surging for years to come

2. Anthropic will remain among the top two or three leading companies in advanced AI development

3. The capabilities of its models will continue to improve

4. Profit margins will eventually widen, even with huge ongoing costs for GPUs and infrastructure

That said, a $965 billion valuation leaves almost no margin for error. It is worth approaching this IPO with caution. there is a risk it could follow the same path as Minimax.🙁