Summary
Nick Saraev reacts to figures from Anthropic’s IPO filing and argues the company should not be judged by the standards used for traditional businesses. He cites reported revenue of $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025, followed by $16.3 billion in the six months ended June 30, 2026, which the filing describes as 1,300% year-over-year growth.
He compares how long it took Anthropic to reach $10 billion in revenue with OpenAI, Google, Meta and Amazon, and points to compute purchase commitments of up to $750 billion. He also highlights the filing’s statements that over 90% of contributions to Anthropic’s codebase in September 2026 were written by Claude, and that the value of internal Claude usage at list prices grew more than 250 times between January and September 2026.
Saraev also covers the governance structure, in which a single class F common share held collectively by the co-founders carries 50.1% of voting power and protects them from dilution. He shares his own bullish outlook on AI as both software and utility, while noting that his comments are not financial advice.
📺 Source: Nick Saraev · Published October 28, 2026
🏷️ Format: Opinion Editorial
