Anthropic files its S-1 , AI cracks PHP, OpenAI buys Orchestra Bio
Notes de l’épisode
In this episode of Get the Check, Maya and Priya hold down the fort (RIP Anika) to cover Anthropic finally filing its S-1, AI uncovering a 14-year-old flaw in the code behind ~70% of the internet, and OpenAI acquiring Orchestra Bio.
They start with the long-awaited Anthropic S-1, filed the day of recording, with projections putting the IPO at a $1.5–2T valuation as early as the week of November 16th. The pod walks through how the filing likely saved the market from another “margin call Monday”: a 10% operating margin, compute spend down from $2 to about 55 cents per dollar of revenue, and enough cash after the IPO to have more net cash than any tech company except Berkshire Hathaway. They also point out what’s missing. 80% of revenue comes from models released in the last six months, and Q3 isn’t in the filing.
Next, the cyber segment, always Priya’s favorite. Wiz and Calif independently used AI to find PHP-to-Shell, an exploit that lets attackers take over the servers behind websites. The pod covers how responsible disclosure fell apart, from the first exploit attempt Amazon spotted on October 17th to government sites going dark.
Finally, they get into OpenAI acquiring Orchestra Bio, which builds agentic workflows that coordinate all the vendors behind getting a drug to market. The pod explains why every day a trial slips can cost a GLP-1 maker around $100M, why tech people overlook pharma (hi, Veeva), and how this fits into OpenAI’s push to deploy its own engineers inside enterprises. Would Orchestra Bio have gotten the pod’s check before the acquisition? Listen to find out why top-down selling in pharma is everything.
00:00 Anika leaves the pod (sort of)
00:24 Maya’s F1 weekend in Austin
01:40 Nicki Minaj at a Trump rally
02:22 Welcome and headlines
04:01 Breaking down Anthropic’s S-1
11:51 Cloud marketplaces, AI spend, and bubble talk
15:12 Token budgets and $6.6M revenue per employee
17:34 AI finds PHP flaws and sites go dark
23:25 Another cert disaster
26:38 OpenAI buys Orchestra Bio
29:49 Why pharma software is a goldmine
34:52 Would Orchestra Bio get our check?
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