Episode Details

Anthropic's IPO prospectus finally surfaced: a $42B net loss on $4.6B in revenue, a quarter of it from two customers. OpenAI scrapped GPT-6.1 Astra over safety, Oura postponed its IPO, and I wondered whether intelligence is becoming a commodity.

⁠THIS IS THE YOUTUBE VIDEO OF MY RANT⁠

• IPO prospectus: Anthropic reports a net loss of $42B in 2025, with operating losses of $8B+; revenue grew 12x to ~$4.6B, ~25% of which came from two customers (Reuters)
• Anthropic formally warns investors its technology may pose "existential risks to humanity," devoting almost a third of its S-1 to risk factors including AI manipulation and blackmail (FT)
• Anthropic's IPO filing creates a "Founder LLC" of its seven co-founders, whose majority vote directs a single Class F share with 50.1% of voting power, while the company stays a PBC (Reuters)
• OpenAI scraps plans to publicly launch GPT-6.1 Astra, saying it didn't quite meet its safety bar during internal testing, after targeting an October release (WSJ)
• Oura says it is delaying its Nasdaq IPO due to uncertainty in the market, despite "strong demand" and a strengthening of its business since the process started (CNBC)
• Sources: OpenAI's ARR is nearing $70B, growing 70%+ since the beginning of Q3, with B2B revenue up 100%+; it added more consumer revenue in Q3 than all of 2025 (Axios)
• Claude Code vs. OpenAI Codex ARR: Codex never slowed after Claude Code's crossover while Claude Code appears to have plateaued, and Opus mentions on GitHub spiked after Opus 5.5 as GPT-6 mentions dropped (TickerTrends)

THIS IS THE YOUTUBE VIDEO OF MY RANT