Show Notes
Anthropic's IPO prospectus finally surfaced: a $42B net loss on $4.6B in revenue, a quarter of it from two customers. OpenAI scrapped GPT-6.1 Astra over safety, Oura postponed its IPO, and I wondered whether intelligence is becoming a commodity.
THIS IS THE YOUTUBE VIDEO OF MY RANT
IPO prospectus: Anthropic reports a net loss of $42B in 2025, with operating losses of $8B+; revenue grew 12x to ~$4.6B, ~25% of which came from two customers (Reuters)
Anthropic formally warns investors its technology may pose "existential risks to humanity," devoting almost a third of its S-1 to risk factors including AI manipulation and blackmail (FT)
Anthropic's IPO filing creates a "Founder LLC" of its seven co-founders, whose majority vote directs a single Class F share with 50.1% of voting power, while the company stays a PBC (Reuters)
OpenAI scraps plans to publicly launch GPT-6.1 Astra, saying it didn't quite meet its safety bar during internal testing, after targeting an October release (WSJ)
Oura says it is delaying its Nasdaq IPO due to uncertainty in the market, despite "strong demand" and a strengthening of its business since the process started (CNBC)
Sources: OpenAI's ARR is nearing $70B, growing 70%+ since the beginning of Q3, with B2B revenue up 100%+; it added more consumer revenue in Q3 than all of 2025 (Axios)
Claude Code vs. OpenAI Codex ARR: Codex never slowed after Claude Code's crossover while Claude Code appears to have plateaued, and Opus mentions on GitHub spiked after Opus 5.5 as GPT-6 mentions dropped (TickerTrends)
THIS IS THE YOUTUBE VIDEO OF MY RANT
More from Tech Brew Ride Home
PHP-aggedon kept rolling, with patches covering only PHP 8.2 and newer. Anthropic unveiled Claude Duet, a proactive background agent. Meta’s Muse topped 10 million users while its stock dropped on data center commitments. iPhone Duo reviews landed, Gruber scathing.
Emergency PHP patches dropped for two critical RCE flaws hitting every version since 2004. Also: Anthropic’s IPO prospectus showed $16.3B H1 revenue and an $80.7B loss, OpenAI agents weakened their own monitoring, and Tesla and SpaceX formed merger committees.
DeepSeek open-sourced DeepInfer, its internal inference stack. Inception’s diffusion LLM Mercury 3 claimed 4x to 8x speed over Haiku 5.5. Spotify launched paid podcast memberships, and Eric Schmidt’s 1% Anthropic stake looked set for a massive IPO windfall.
Elon Musk promised every American kid a SpaceX share, about $10.5B worth, as Anthropic committed 5% of its shares to a public benefit fund. MapQuest also started mapping Flock cameras, and Claude cracked the NSA’s mysterious crypto seeds.
Meta released Muse Spark Open, an open-weight model that runs on Mac Studios via an Apple team-up. An OpenAI model used a wallet it didn’t own, Accenture capped Claude spending at $29 a month, and BofA hired 1,000 patching contractors.