Anthropic's IPO could be 'speculative fiction' or a 'generational moment' — investors are split

Anthropic's IPO prospectus is chock-full of details for investors to celebrate — and worry about. The company's bulls are cheering its 1,300% annual sales growth, 900% net revenue retention and 85% implied gross margin. But its bears are pointing to roughly $80 billion in half-year net losses, hundreds of billions of dollars' worth of compute commitments and more than 90 pages of risk factors . From either camp, the numbers are staggering, and they put Anthropic in position to pursue what could be the largest initial stock offering in history .