6 things that must be true for Anthropic's IPO of $2 trillion to be achievable (as the largest IPO ever)

<p>Anthropic went from $9bn of annualised revenue in December to $65bn by the end of July, and it&#39;s expected to list in October at close to $2 trillion - the highest price any company has ever carried into a stock market debut. </p><p>If you work backwards from that valuation, it has to be earning about $1.2 trillion a year within a decade. The entire world spends $1.5 trillion on software. </p><p>So the Anthropic IPO isn&#39;t a bet on software at all. It&#39;s a bet on wages.</p><p>In this episode of In The Loop, I&#39;m exploring the six things that all have to be true for a $2 trillion Anthropic valuation to make sense - using their IPO as a way of understanding the strategies of the biggest AI companies in the world.</p><p><br></p><p>⏭️ Episode highlights</p><p>(01:00) – Why nobody in AI talks about software any more</p><p><br></p><p> (02:00) – $9bn to $65bn in seven months, and the caveat</p><p><br></p><p> (03:10) – Anthropic&#39;s own written date for powerful AI</p><p><br></p><p> (04:20) – One in five firms, 78% of the workforce</p><p><br></p><p> (05:20) – The 60 pence in every pound that goes back out</p><p><br></p><p> (06:20) – Memory costs more than the processor</p><p><br></p><p> (07:30) – Three of the four hyperscalers are burning cash</p><p><br></p><p> (08:40) – The one line to find in the prospectus</p>