Inside Anthropic's massive — and wild — IPO prospectus

There has never been a company like Anthropic.It owes almost $650 billion for computing, generates eye-popping revenue per employee and wants every investor to know that its product poses existential risks to humanity.Why it matters: The future of the AI race, the market and the global economy rest within Anthropic's IPO prospectus, where some of Silicon Valley's most seasoned investors found new reasons to be bullish.They also found warning signs. A wager on Anthropic is a bet not just that AI will deliver on its enormous promise, but that customers will keep spending at a rate that keeps pace with massive computing costs.It's also a bet that Anthropic can continue to deliver models good enough to justify premium prices, even as competition intensifies and cheaper alternatives improve.What they're saying: Reaching a valuation of $2 trillion would require 50% growth, according to Theory Ventures."What is Anthropic worth?" Theory's Tomasz Tunguz asked rhetorically. "The case for a very large number is simple," he said, noting that the company grew quickly on a high margin and generated an operating profit. "The case against is equally simple," he added, noting its $637 billion of c…

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