Chatter: Anthropic may IPO at $1tn as analyst flags asset-liability mismatch risk
markjeffrey · x · 2026-11-06
Unverified chatter says Anthropic may lower its IPO valuation target to $1tn. Quoted analyst @dgt10011 argues the number matters less than the structure: the company's funding model carries an extreme asset-liability mismatch, expecting repeated equity raises to sustain the scheme like hyperscalers diluting equity for capex. A mispriced IPO without a pop (he cites SpaceX trading below its debut) could trigger a familiar crypto-style death spiral. markjeffrey amplified with 👀.
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