It would be VERY BAD if we gave politicians arbitrary veto power over who IPOs and who doesn't. The threat of corruption should be obvious.
"Founded to help our country respond to the Great Depression, we’re the agency that protects investors from misconduct, promotes fairness & efficiency in the securities markets, and facilitates capital formation for those looking to hire, innovate, and grow."
> “Run-Rate Revenue” is an operating metric that refers to the estimated annualized value of our revenue-generating activity as of a measurement date, calculated as the sum of (i) our consumption-based fees during the trailing 28-day period ended on the measurement date, multiplied by 13, and (ii) our aggregate monthly subscription fees as of the measurement date, multiplied by 12. For purposes of calculating Run-Rate Revenue, consumption-based fees and subscription-based fees are derived from customer usage and active subscriptions.
Adjusted revenue figures are reported all the time for many different reasons, there is absolutely nothing special about this and I've not heard ANY financial analyst explain why GAAP is a better number here. You are salivating over a total nothing-burger.
Also, if you didn't hear, their Q3 results were spectacular and were included in an amendment today.
I'm not an Anthropic fan-boy and I won't be buying their offering but you've picked just about the two least relevant things in this offering to complain about.
The reasons to be skeptical of this offering is what is described in the TFA: Anthropic is committed to spending 900 billion on compute over the next decade and if they can only profitably employ 80% of that it will utterly ruin them. Dario is putting all the chips on number 12. If he is right though - and inference usage explode by 1000x Anthropic has so much scarce compute locked up that they will do very, very well.
Not that I think that applies here, just that they go beyond making sure everything has accurate filing and disclosure etc. and do have some mandate to look into the business models themselves in some cases.
People will learn risk-aversion vicariously, or end up living with the consequences of an inflated hubris. =3
That's VERY GOOD.
Right? Right.
Then they’ll take your money and piss it away because A) it doesn’t belong to bureaucrats; so they’re spendthrift
B) bureaucrats are not gonna use what they buy; so it’s shit
Surprising. I couldn't find the study they're citing, and they didn't include a link. Anecdotally, my friends across various industries (tech, finance, medicine, scientific research) are all using AI more heavily as time goes on.
I am not qualified to make a judgement on the research quality, but it strikes me as a little weird? And also weird to cite when trying to create an "AI is stalling" narrative, because the text of the paper doesn't really support that at all.
The claim seems to be based on a single figure that the authors present as additional context in an appendix, which shows the trends of four surveys, in which only one of the four shows a decline. The authors don't even seem to think the decline is significant enough to comment on except to say that "the plateau in late 2025 reflects declining interest and correlates with google search trends for ChatGPT and Gemini" (which they also show using a chart that does not look like a plateau or decline to me at all).
The methodology and survey questions are included, the numbers seem to be based on a straightforward "Do you use generative AI for your job"?
It's weirdly ChatGPT and Gemini centric, the word "Claude" only appears once, in a definition, and "Microsoft" and "Copilot" are nowhere to be seen. I don't know how much to read into that, it just strikes me as weird and noteworthy in a paper that by its own admission is detecting a trend that is the opposite of everyone else doing large scale surveys on the topic.
Here's the relevant paragraph from that story:
> Yet those numbers may have recently levelled off. In May economists at the Census Bureau reported that “ai use remained relatively steady in many sectors over the last six months.” A survey by Jon Hartley of the University of Texas at Austin and others has found that about 33% of people now use ai at work, down from a peak of 46% in mid-2025.
Coincidentally I posted an updated chart of AI use according to the Census Bureau this morning - https://simonwillison.net/2026/Nov/2/census-bureau-super-int... - they changed their methodology in December but the numbers have been trending up in 2026.
As for the "survey by Jon Hartley", I think that's this one: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5136877 - "Job Loss Fears in the First Years of Generative Artificial Intelligence".
They surveyed ~24,000 people with the question "Do you use generative AI for your job?", then later asked which of the following tools they used:
ChatGPT, Midjourney, Claude, Gemini, Github Copilot, Scribe, Embedded products, DeepSeek, Apple Intelligence, Meta AI (Llama), Adobe Firefly
After even more digging, I think I found the raw data for their survey in the Internet Archive: https://web.archive.org/web/20250910015550/https://generativ...
Frustratingly, it looks like that only has their 2024 and 2025 data - the 2026 data is what would show that "33% of people now use ai at work" number quoted in the Economist article, but https://generativeairesearch.org/ no longer loads and the Internet Archive don't seem to have captured anything later than 2025.
The number of people using AI at work could fall to 5%, but if those 5% of people were keeping Claude busy all day and night the overall expenditure on AI could increase.
The growing AI revenues don’t require everyone at the office to be using it. If the software engineers are each spending $10K a month on tokens, it doesn’t matter at all if Bob from HR is doing $0.50 of Copilot queries every day.
Some people are being railroaded into more AI usage by mandate of their organizations, not because they're actually getting personal value out of it.
ETA: I still don't think the SEC should get involved in what companies should or should not be allowed to list publicly beyond certifying that the company is not materially misleading their investors.
Recent example is the time they took time to wrap their head around Cloud. Now look at the revenues they generate for Amazon, Microsoft, Google, Oracle etc. Early days.
> A survey by Jon Hartley of the University of Texas at Austin and others has found that about 33% of people now use AI at work, down from a peak of 46% in mid-2025.
Or, if you insist on keeping your claim, then when the SEC is playing "favorites", it's "the favorite set of rules", not favorite companies.
Additionally, some ETFs have built in protections to rule out businesses that are not yet profitable (like SpaceX and Anthropic), which I think is a great rule.
Greg Brockman, OpenAI's president, gave Trump $25M.
Dario Amodei gave Trump a hard time.
Do the math...
You had lots of choices, you made this choice, and you can always change your mind. Do we really need to have the government step in to prevent you from having to choose something else?
I believe that the Anthropic IPO price will be too high, but also in the long run it might turn out to be a great investment.
The most important thing I believe is that this is what I signed up for when I bought lots and lots of VTI. And that I can change to a different set of investments pretty much instantly for 9 hours a day, 5 days a week. With no tax hit because it's in my retirement account.
The alternative is don't invest in them?
Or, if you are this certain that they are going to fail, then short their stock. You could make millions.
Moreover, every branch and division across the US government recognizes one thing... the public market is plateauing. It is not a numbers thing; it is a sentiment thing. The post-pandemic tech boom needs to continue, at least be stabilized. AI's expectation to hit the public market is largely keeping a lot of the momentum going.
If Anthropic does not enter the public market, it is going to be a major distressing event for SEC who make money from regulatory fees and a shit ton of fees from publicly listed companies. There is zero incentive to stop them. The SEC tries its best for the benefit of publicly listed companies, exchanges, brokers, institutional investors etc. who all benefit from the IPO.
Frankly, no company should be allowed to IPO without showing steady profit. An exchange or index that promotes IPOs of unprofitable companies diminishes its reputation, and the reputation of all other stocks it indexes.
Anthropic is free to continue selling shares privately. They can setup a website and take cc payments if the care so much.
This is directly counter to the original point of public markets at all
If an online tech journalist can figure out this sort of thing, with the information available to him, maybe so can members of the investing public?
And the ones who don't are just going to be victims of their own greed anyway.
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In all seriousness, I get the argument that Anthropic is likely foisting a huge liability onto Americans via the ETFs in their retirement plans that’d pick up $AMADEO because it’ll be large cap. But if we’re gonna make that argument, it needs to be by sector or by risk class, not targeted at a single company.
Pensions do, individuals don’t.
“Less than 1% of the $14 trillion in assets in the defined contribution retirement system is invested in private markets, compared with approximately 24% for U.S. public pension funds and 17% for private pension funds as of 2023” [1].
[1] https://bipartisanpolicy.org/article/the-role-of-private-mar...
CRSP adjusted their methodology prior to SpaceX IPO being announced. It's part of a larger discussion about what the purpose of an index is and how people invest. Vanguard is not out to screw people's retirement up (quite the opposite really). Anyone is welcome to be part of the discussion, but it's hard to get anyone to take you seriously if you only come out of the woodwork when something "bad" is about to happen.
it absolutely exists, but was renamed
> CRSP adjusted their methodology prior to SpaceX IPO being announced.
important part is when SpaceX ipo plans were decided, not announced to clueless public
The index drama was mostly a creation of influencers.
But it also sort of doesn't matter. Anthropic, not in sp500, ends up a fail then the "bubble" pops and the sp500 gets ugly.
As far as your claim, it's fine to say let the market sort it out, but perhaps consider that pension funds and index funds now represent a market distortion that means anthropic crashing is harder and even if it does would happen after the mandatory purchases by the index funds which is basically a transfer from the public to the insiders at anthropic
How many dollars do you think are forced to purchase these companies’ shares?
That's why people want the IPO to be blocked because we've seen what happens before.