AN ANTHROPIC Anthropic PBC Loading... : Investor Sentiment and Bull/Bear Views

Foundation-model companies, including OpenAI and Anthropic, are capacity-short renters; a slower data-center buildout and regulated compute supply limit the capacity they need to train and serve models, so they are not home free.

"Wants Anthropic and OpenAI valuations low as infrastructure picks-and-shovels capture long-term GAI value; current thesis says frontier labs, not hardware, face a clearing event."

Ahead of Anthropic's expected IPO, rumored at a $1.5 to $2 trillion valuation, Wood thinks the current market turbulence may push the price toward the lower end of that range. She calls the S-1 numbers astonishing: very strong revenue growth plus real operating profit. She says it stays profitable even while using about 75% of its computing power for training, and that the market doesn't understand how provocative that is. She says ARK is looking forward to the IPO and to 'stay tuned,' but cannot say what its ETFs will do. The host described Anthropic as a holding of the ARK Venture Fund; Wood did not confirm this herself.