Anthropic files S-1 with valuation seen at $1.5T to $2T

Anthropic has filed its S-1 to list on Nasdaq, possibly trading next month at a valuation of $1.5 trillion to $2 trillion. On Decoder, SemiAnalysis analyst Joey Brookhart breaks down what the filing reveals about frontier-lab economics: complex finances built on very ambitious assumptions about AI's future.

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