Post by @davidgerard@circumstances.run

@davidgerard@circumstances.run 11 hr. ago

anthropic has another draft S-1 that is not final and i'm not even bothering to look and will wait for others with time on their hands then i can crib their commments

https://www.sec.gov/Archives/edgar/data/2130357/000162828026072484/anthropicpbc-sx1ax2.htm

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Azuaron

@Azuaron@cyberpunk.lol 10 hr. ago

@davidgerard Fast observations:

They're now going to September 30th instead of July
Their operating loss appears to have increased since July? I'm going off memory, but I think so.
They bought a bunch of money market funds and treasury bonds?
They have billions in already-signed lease obligations over the next four years
Absolutely wild statement: "As of December 31, 2025 and September 30, 2026, the Company had entered into lease agreements primarily related to compute and infrastructure capacity that had not yet commenced, with total estimated future undiscounted lease obligations of approximately $50.2 billion and $451.2 billion"

I'm reading that last statement as, "We're delaying finalizing these lease agreements because they make our IPO filing even more absurd."

David Gerard

@davidgerard@circumstances.run 10 hr. ago

ok i glanced over the risk factors. i think they're largely the same. not included: structure of AI industry (all the circular financing); the real risk of the bubble popping

matt levine glanced at it: $1.4t valuation, share structure blah blah, and also Anthropic tried to make it say "SI" instead of "AI" because trump *really means* the SI thing

Jer

@Jer@chirp.enworld.org 21 min. ago

@davidgerard Use of "SI" outside of US executive branch agencies required to use it should be an immediate red flag that some grifter is sucking up to the felon

David Gerard

@davidgerard@circumstances.run 15 min. ago

@Jer "eat that bug" "yessir"

@jplebreton@mastodon.social 10 hr. ago

@davidgerard a heartwarming display of deference to the criminal pedophile whose party just got their asses beaten in the midterms, very strategic, well played

TorontoWill

@TorontoWill@mastodon.social 10 hr. ago

@davidgerard I've generated a comparison of the two documents to make the changes more visible, but it's awfully tedious to review all of them across hundreds of pages. "SI" instead of "AI" is the one I just noticed and slapped my face at. They've finalized some numbers on the size of the offering and the pricing, but I haven't seen (or crunched numbers) on what it means for the enterprise valuation. A bunch of existing shareholders buying another $26b at the IPO price.