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Wall Street wants investors to value Anthropic at $2 trillion.
We think the valuation should be 93% lower than the price Wall Street is pitching.
The leaked financials reveal numerous red flags, such as existential risks, $518 billion in liabilities, and a staggering level of revenue concentration.
We dedicated our Monthly Live Podcast to all those dirty details behind the Anthropic IPO.
We down the leaked financials, the risks Wall Street doesn’t want investors focused on, and most importantly, the math behind that $2 trillion valuation.
Here’s an outline of the podcast.
- 00:00 Welcome and Setup
- 00:37 Housekeeping and Disclosures
- 01:06 Recent Research Highlights
- 03:04 Trainings and Member Events
- 03:44 AI Trade Cracks Appear
- 05:50 Anthropic IPO Red Flags
- 06:55 Broken Model and Losses
- 09:42 Risks, Liabilities, and Customers
- 17:18 Reverse DCF Valuation Math
- 24:14 Q&A Google and SpaceX
- 27:24 Wrap Up and Next Podcast
This month’s podcast originally aired live on October 9, 2026.
This article was originally published on October 12, 2026.
Disclosure: David Trainer and Kyle Guske II receive no compensation to write about any specific stock, style, or theme.
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