Decoder with Nilay Patel · Thursday, October 29, 2026
Analyst Joey Brookhart explains on Decoder that Anthropic has filed its S1 to go public on the NASDAQ exchange with an expected valuation between $1.5 and $2 trillion. The filing reveals the economics of a frontier AI lab, showing rapid capital-efficient scaling and positive cash flow.
“Anthropic just filed its S1 to go public on the NASDAQ stock exchange, and it could start trading as soon as next month, an evaluation of anywhere between $1.5 to $2 trillion, immediately making it one of the most valuable companies on the planet.”
“What we saw here was a company that has capitally efficiently scaled to an amazing level, trillion plus valuation, 70 billion plus of ARR in very short amount of time.”