Anthropic's IPO Hides $900 Billion in Debt Behind Unaudited Numbers
The SEC Should Block Anthropic's IPO to Protect the Public
Matt Scherer argues the SEC should block Anthropic's planned November IPO. The company's registration statement shows nearly $900 billion in spending commitments, most stretching into the 2030s, while its 2026 revenue growth slowed sharply and its results remain unaudited. With AI margins squeezed by weak demand, price wars, and soaring data center costs, Scherer warns that ordinary investors and retirees would be left holding the bag when the bills come due.
As a private company, Anthropic's shares are overwhelmingly owned by corporate insiders, tech giants, and venture capitalists. Once the company goes public and shares start getting funneled into 401(k)s, retirement accounts, and index funds, it will be workers, retirees, and retail investors that are increasingly left holding the bag when the forces squeezing Anthropic's margins start to bite.