Anthropic's $1.75 Trillion IPO: Are Investors Overreacting to the Risks?

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Anthropic is preparing for one of the biggest IPOs in history, targeting a valuation of up to $1.75 trillion. But behind the extraordinary growth of Claude lies an $80 billion headline loss, a complex ownership structure and hundreds of billions of dollars in future spending commitments. In this episode, Anthony Cheung and Piers Curran break down Anthropic's S-1 filing, revealing how revenues have surged 14-fold in just one year, why its improving profit margins are exciting investors and what the numbers tell us about the sustainability of the AI boom. We also examine Anthropic's unusual five-class share structure, the influence of Amazon and Google, and why public shareholders could have…