Anthropic files S-1 IPO for $1.5–$2T valuation

In an interview on Decoder, SemiAnalysis analyst Joey Brookhart discusses Anthropic’s S-1 IPO filing, examining the economics of frontier AI labs, compute costs, and the ambitious assumptions required to reach a valuation between $1.5 trillion and $2 trillion. Brookhart and host Nilay Patel break down how Anthropic allocates its compute between inference and training, the unit economics of token-as-a-service channels, and the commercial challenges of moving beyond coding into broader white-collar verticals. Open article →