Anthropic IPO Deep Dive: S1 Numbers, Valuation, and the Distillation Crackdown
RihardJarc · x · 2026-11-13
Analyst RihardJarc published a deep dive on Anthropic's ($ANT) IPO, covering the S1 filing numbers and valuation.
Key topics: the impact of the distillation crackdown on reported figures, the next big vertical after coding, gross margins and the SpaceX deal, and how "Anthropic Direct" threatens the cloud channel for $AMZN, $GOOGL and $MSFT. He also lays out a "SaaS Apocalypse 2.0" thesis and says researching the disclosed numbers changed his thinking on several topics.
The full report is behind a paid Substack paywall.
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