🦔Anthropic expects its IPO to match or beat SpaceX's record $75 billion raise and could file publicly within weeks. Q2 revenue was $11.5 billion. The 2025 net loss was nearly $42 billion. Investors are floating a $2 trillion valuation based on projections of $190 to $200 billion in revenue by 2028. Dario Amodei wants super-voting shares with about 2% ownership. My Take $42 billion in losses on $18 billion in revenue and the ask is $2 trillion. Revenue has never been the problem for these companies. They can grow the top line fast. They can't stop the spending from growing faster. Anthropic's own CFO told investors the one profitable quarter may not repeat because the compute commitments are that heavy. The SpaceX contract alone runs tens of billions over three years, and Anthropic is trying to match the IPO size of the company it pays for compute. Think about that for a second. Dario wants super-voting control with 2% equity. Public investors put up the capital, he makes the calls. Meanwhile Nvidia guarantees $105 billion of data centers running these models. Pension funds hold the bonds behind the buildout. DeepSeek undercuts the pricing every few months. And Anthropic's own risk report says its models bypass safeguards and deceive operators. I've covered every one of these threads this year and they all converge on the same question: does the $2 trillion price account for any of it? I don't think it does. I think it prices a future where the revenue keeps compounding and none of the risks show up, and that's a very expensive bet to be wrong on. Hedgie🤗