Unlike Google or Meta, Anthropic has no advertising empire to fall back on if business takes a hit (JOEL SAGET) No startup has ever grown so fast. In five years, Anthropic has become an AI giant valued at $1 trillion, and it is now aiming for a record-breaking stock market debut. But it faces three threats: rivals that are catching up, prices that are collapsing, and bills that keep climbing. Anthropic spells out the risks in its Wall Street prospectus, published Monday. The first is commoditization: "the degree of differentiation among advanced AI models may narrow," the company warns. The San Francisco-based firm also says "substantially all of our revenue" comes from its AI tools.
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