AI Bubble

Anthropic, the developer Claude, filed its S-1 on 26 October 2026 and ammeded it during the first week of November before its expected listing on the 18th of November. After a private round at $965bn in May and summer talk of a $2tn listing, the filing gives investors their first audited view of the business behind those valuations. It shows revenue of $33.2bn in the first nine months of 2026, up from $2.5bn a year earlier, with a gross margin of 85%.