Skip to content

Inside Anthropic’s trillion-dollar AI gamble

October 29, 2026 · 45 min

Show notes

Today, I’m joined by Joey Brookhart, an analyst at the chip and AI research firm SemiAnalysis, to help me dig into the story inside the massive Anthropic IPO filing. 

This isn’t just about a single company’s financials, or its lofty ambitions or frankly ludicrous risk factors, which include maybe automating every job or, you know, killing everyone. It’s also the clearest look yet at how the business of frontier AI actually works and who’s really paying for it. 

Read the full interview transcript on The Verge.

Links: 

  • Anthropic files for its IPO | The Verge
  • Five weird details from Anthropic’s IPO filing | The Verge
  • Anthropic’s elaborate plan to keep Wall Street at bay | The Verge
  • Anthropic revenue jumps to $16.8B in quarter before IPO | Bloomberg
  • Anthropic raises concerns | Matt Levine
  • Anthropic reveals skyrocketing growth in IPO filing | NYT
  • The Anthropic IPO financials sneak peak | SemiAnalysis 


Subscribe to The Verge to access the ad-free version of Decoder!

Credits:

Decoder is a production of The Verge and part of the Vox Media Podcast Network.

Decoder’s producers are Greg Ott, Kate Cox, and Nick Statt. This episode was edited by Ursa Wright. Our editorial director is Kevin McShane.

The Decoder music is by Breakmaster Cylinder.

Learn more about your ad choices. Visit podcastchoices.com/adchoices

All episodes of Decoder with Nilay Patel

Settings

Display

Language

Decides which stations you see first on the home page.

History

Recently played stations and episodes and your latest searches are only stored in this browser.

Notifications

A short notice when a podcast you follow has a new episode. Turn off single podcasts with the bell on their page.

Account

Save favorites – in the app and on the website.

Keyboard shortcuts

/
Open search
Space
Play or pause
← →
In the player: back 15 s, forward 30 s (episodes) · in a row: next tile
↑ ↓
In a row: target within the tile
Home / End
In a row: first or last tile
Esc
Close window or menu
?
This overview
Now playing

Go to station page

Play next

    Add episodes with “Play next” – they play after the current episode.