ANTHROPIC - Anthropic

Filed to go public, recently valued at ~$900 billion. Has committed to paying SpaceX $1.25 billion/month ($45 billion total through May 2029) for AI compute from data centers that don't yet fully exist. One firm funding another's cash gap while both prepare to ask the public to fund theirs.

Anthropic is mentioned as one of the three major AI IPOs expected, valued at $965 billion with $10.9 billion in Q2 revenue and potentially reaching its first profitable quarter. Richard presents it as part of the broader AI IPO trend but does not give a specific recommendation, instead framing it as high-risk/high-potential.

Anthropic is mentioned as another company planning a public listing that would benefit from the Nasdaq's new rules creating automatic index fund buyers

Felix explicitly advises against buying IPOs. Anthropic filed confidential IPO for October 2026 at ~$1 trillion valuation, up from $380 billion in February 2026. Same IPO avoidance advice applies.

Anthropic is described as building something genuinely impressive with strong enterprise adoption and Claude Code's popularity among developers. However, the host notes the valuation jumped from $380B to nearly $1T in months for a company that is not yet profitable and spending heavily on computing. This is characterized as a speculative bet.

Mentioned as part of speculative AI stocks that could be forced into indices under new rules

Anthropic is expected to IPO under similar conditions as SpaceX and OpenAI. The speaker groups all three as concerning IPOs that index fund investors will be forced into despite historically poor IPO returns.

Presenter notes Anthropic's $380B valuation (roughly Netflix size) while still losing billions annually, and describes it as speculative.

2 Chainz reveals he is invested in Anthropic. While he expresses some skepticism due to government/regulatory concerns, he notes that Microsoft and Amazon are investors and believes the company will be fine. The host also expresses a positive outlook.

The host presents Anthropic as more disciplined than peers (deliberately under-buying compute), but its $380B valuation is still far ahead of its current growth stage relative to the Netflix comparison.