{"generated_at":"2026-11-12T18:35:10.374Z","source":{"name":"Hacker News public API","url":"https://github.com/HackerNews/API","attribution":"Stories and comments are public Hacker News submissions by their respective authors. HackerHub is an independent reader, not affiliated with Y Combinator.","content_is_untrusted":true},"story_id":50465829,"hn_url":"https://news.ycombinator.com/item?id=50465829","total_comments":660,"returned":20,"scope":"Up to the requested number of top-level comments in Hacker News ranked order. Deleted comments are omitted. Nested replies are not fetched; this is not the complete thread.","comments":[{"id":50469962,"author":"maerF0x0","created_at":"2026-11-12T16:27:24.000Z","text":"It strikes me that if their models were good enough for recursive self improvement, then the VCs would have pushed to delay IPO until such time that they had clear market dominance.\nFor some reason they need the $100B today at the cost of dilution, rather than additional private rounds and/or using cashflow+profits to continue the advancement.","parent_id":50465829,"replies_count":21,"hn_url":"https://news.ycombinator.com/item?id=50469962"},{"id":50466035,"author":"brainless","created_at":"2026-11-12T12:10:23.000Z","text":"There is a lot of value from LLMs but it is something that I can switch easily. Yes, some frontier models are much better but users can still chose to use cheaper models for most of the work. In fact most applications, through which people will interact with LLMs anyway, will not need frontier models unless they offer \"chat with AI\". Anything that solves specific problems (even multiple problems) does not need frontier LLMs.\nAnthropic and OpenAI will have to become more of the end user application stack. Files, calendars, emails, photos, and much more have to pass through them for them to keep making money. Else they cannot make money like the way they have been in this early era of LLMs.","parent_id":50465829,"replies_count":24,"hn_url":"https://news.ycombinator.com/item?id=50466035"},{"id":50466486,"author":"freakynit","created_at":"2026-11-12T12:59:10.000Z","text":"A few important points from the linked documents:\n1. Price range: $70–78 with midpoint at around $74.00\n2. Gross deal size: $85.3B (IPO + $26B private placement)\n3. Implied market cap: ~$968B (at $74, 13.09B shares)\n4. Q3'26 revenue: $17.0B (+1,127% YoY)\n5. Run-rate revenue: ~$81B (as of Oct 2026)\n6. Compute commitments: $900.9B (through 2045)\n7. Ticker: ANT (Nasdaq)\n8. Customers with ≥$100K, ≥$1M and ≥$10M TTM revenue: 11,900+, 1,900+ and ~250.\n9. Customers under $100K: ~40 million\n10. Fortune 500 penetration: over 50%\n11. Global 2000 penetration: over 30%","parent_id":50465829,"replies_count":5,"hn_url":"https://news.ycombinator.com/item?id=50466486"},{"id":50469957,"author":"boa00","created_at":"2026-11-12T16:27:02.000Z","text":"For some reason, I feel really weird anytime Anthropic inserts beautiful paintings into their articles/promos. They've used one of John Frederick Kensett's works here, for example (the one with a river and a dotted line on top of it)\nTo me, this technology and these AI companies, in their current form, are as far away from the 19th century landscape paintings as they could get. As if they're trying to leech off them and fix their branding/message. Doesn't seem fair for some reason\nEdit: Painting identification, my bad","parent_id":50465829,"replies_count":4,"hn_url":"https://news.ycombinator.com/item?id=50469957"},{"id":50469875,"author":"maupin","created_at":"2026-11-12T16:21:20.000Z","text":"I still think they are on a tight timer. Local models are already extremely good - good enough for most normal users. They are going to continue to get better. Once hardware starts to become affordable again, we will see AI appliances that can do everything most users want, and privately.","parent_id":50465829,"replies_count":18,"hn_url":"https://news.ycombinator.com/item?id=50469875"},{"id":50470051,"author":"ndiddy","created_at":"2026-11-12T16:33:01.000Z","text":"One interesting thing from their presentation (especially given recent events): They claim to have used Mythos to port Claude from running on nVIDIA GPUs to running on AMD GPUs in just 3 days, with basically no human intervention. If this is true, it significantly reduces nVIDIA's moat regarding GPU compute. https://youtu.be/eynv5VR9qos?t=1230","parent_id":50465829,"replies_count":2,"hn_url":"https://news.ycombinator.com/item?id=50470051"},{"id":50470742,"author":"wxce","created_at":"2026-11-12T17:18:20.000Z","text":"Does anyone not feel like there's something wrong with this? and that the thousands of Anthropic employees should not be able to make money off of this?\nThey looted all human knowledge, will displace jobs, they're disposable themselves, and no strong moat.\nWhy is such a company even allowed to be IPOd?","parent_id":50465829,"replies_count":2,"hn_url":"https://news.ycombinator.com/item?id=50470742"},{"id":50468394,"author":"irthomasthomas","created_at":"2026-11-12T14:57:55.000Z","text":"Series H could be underwater already if they only make the low end of the range. Is anyone else concerned?\n\n Anthropic Valuation ($B, Basic)\n -------------------------------------------\n Ser E Mar '25 | # $61.5B\n Ser F Sep '25 | ### $183.0B\n Ser G Feb '26 | ####### $380.0B\n Ser H May '26 | ################## $965.0B\n IPO @$70 Low | ################# $916.3B\n IPO @$74 Mid | ################## $968.7B\n IPO @$78 High | ################### $1,021B\n\nCorrection: It was pointed out that I used the wrong figures for this. Actual series H profit is more like 19% at the low end.\n\n Anthropic Valuation ($B, Fully Diluted)\n --------------------------------------------\n Ser E Mar '25 | # $61.5B\n Ser F Sep '25 | ## $183.0B\n Ser G Feb '26 | ##### $380.0B\n Ser H May '26 | ############# $965.0B\n IPO @$70 (+19%)| ################# $1,260B\n IPO @$74 (+25%)| ################## $1,332B\n IPO @$78 (+32%)| ###################$1,404B","parent_id":50465829,"replies_count":3,"hn_url":"https://news.ycombinator.com/item?id=50468394"},{"id":50470301,"author":"jeffan","created_at":"2026-11-12T16:49:59.000Z","text":"There isn't a single company I've talked to that isn't trying to cut their AI development spend next year. My guess is they are trying to raise at peak for the storm to come.","parent_id":50465829,"replies_count":2,"hn_url":"https://news.ycombinator.com/item?id=50470301"},{"id":50471952,"author":"atleastoptimal","created_at":"2026-11-12T18:33:25.000Z","text":"Thousands of 20 and 30-somethings concentrated in a metro area with only 8 million people will suddenly become centimillionaires and billionaires.\nUniquely though, this is a group of people who believe that AI will end the world in 1-3 years, so they will have no reason to be conservative with their money. Thus they will spend much more aggressively, driving property values to stratospheric levels.\nThis will annihilate affordability and social cohesion in the Bay Area. If you worked hard for a decade at the same company, you end up only 1/100th as much as someone who got into Anthropic just a few years ago, and now the house you're planning to buy is forever out of reach.","parent_id":50465829,"replies_count":0,"hn_url":"https://news.ycombinator.com/item?id=50471952"},{"id":50469552,"author":"soundworlds","created_at":"2026-11-12T16:00:53.000Z","text":"Anthropic are built on incredibly fragile ground.\nElon could pull their compute a moment's notice (not out of character for him), and NVIDIA just lost its CEO (for possibly quite illegal trade)\nThey also failed to make any formal communication around the Cursor Claude extension exploit a couple weeks back.\nI like Claude, but I see an immature company trying to expand much faster than they are ready for.","parent_id":50465829,"replies_count":4,"hn_url":"https://news.ycombinator.com/item?id=50469552"},{"id":50470296,"author":"zoig_nk","created_at":"2026-11-12T16:49:47.000Z","text":"All of these models capabilities discussions on each AI topic are so exhausting. It's IPO people, let's discuss some finance and economics.\nThis is second important IPO of the year. First one was SpaceX.\nIf we look into price and behaviour of that one we can conclude what is going to happen with Anthropic.\nMy guess is that until something really huge happens, another breakthrough or money goes dry, it will be something similar to SpaceX. Neither huge thing nor disaster. Employees and owners would profit the most and retail buyers would just see significant oscillations but nothing worth huge stress.\nThis one is also important for OpenAI potential IPO, because if it is not huge success maybe OpenAI won't go further.","parent_id":50465829,"replies_count":0,"hn_url":"https://news.ycombinator.com/item?id=50470296"},{"id":50466001,"author":"joennlae","created_at":"2026-11-12T12:07:32.000Z","text":"„The IPO process begins with a roadshow starting on November 10th (EST). Subject to regulatory clearance, the final IPO share price is expected to be set on November 18th (EST), and shares are expected to begin publicly trading on November 19th (EST).“","parent_id":50465829,"replies_count":2,"hn_url":"https://news.ycombinator.com/item?id=50466001"},{"id":50470775,"author":"CoolestBeans","created_at":"2026-11-12T17:20:44.000Z","text":"The size of the cash raised is right. This combined with their already large cash pile means that revenue growth does not need to reaccelerate and can slow to 1-3% a month. That's still exponential but at least in the real world. And the cash buffer gives them some money to play with for new training runs.\nThe ultimate question, does the demand exist, still has to be answered. But at least this raise means it has to be answered in a few years not in six months. The cost to Anthropic is public scrutiny and that the market price has a hand on the wheel.","parent_id":50465829,"replies_count":0,"hn_url":"https://news.ycombinator.com/item?id=50470775"},{"id":50465993,"author":"small_model","created_at":"2026-11-12T12:06:25.000Z","text":"I would wait for 2-3 quarters before investing, it will drop and there will likely be lock-ins to contend with. if growth slows then price could tumble fast.","parent_id":50465829,"replies_count":2,"hn_url":"https://news.ycombinator.com/item?id=50465993"},{"id":50466317,"author":"TrackerFF","created_at":"2026-11-12T12:41:47.000Z","text":"The way I see it, AI is more comparable to some sort of utility. Like electricity, internet, etc. - and should be priced that way. If we ever get to \"true\" AGI, and the open source models also get there, what's the moat? Access to compute could be the differentiator.","parent_id":50465829,"replies_count":6,"hn_url":"https://news.ycombinator.com/item?id=50466317"},{"id":50465996,"author":"yu3zhou4","created_at":"2026-11-12T12:06:55.000Z","text":"Apparently not every country can participate in this IPO. As of now, if you open the Revolut Anthropic IPO page from Poland, you get:\n> Linked page(s) related to Anthropic IPO can only be viewed by persons located in UK, Denmark, Finland, France, Germany, Ireland, the Netherlands, Norway, Spain, and Sweden.","parent_id":50465829,"replies_count":5,"hn_url":"https://news.ycombinator.com/item?id=50465996"},{"id":50469855,"author":"kodoman","created_at":"2026-11-12T16:20:20.000Z","text":"To be honest Anthropic have utilized so many dishonest techniques like lowering quality of models and other anti users things, not knowing how many tokens you have left and how things are allocated, no API usage for subscriptions.\nThis has lead me away from them entirely. particularly the API stuff, if this changes I might go back.\nAdditionally local models are getting better and better. I have seen people say Ornith is not good but my experience with it has been very very good.","parent_id":50465829,"replies_count":2,"hn_url":"https://news.ycombinator.com/item?id=50469855"},{"id":50466148,"author":"fblp","created_at":"2026-11-12T12:21:03.000Z","text":"The economics of this are absurd, and Anthropic hasn't been without their controversy; but I use Claude everyday, and they've made tremendous impact on society. I wish them the best for their IPO.","parent_id":50465829,"replies_count":7,"hn_url":"https://news.ycombinator.com/item?id=50466148"},{"id":50470901,"author":"lifeisstillgood","created_at":"2026-11-12T17:28:19.000Z","text":"Re: RSI. Can we be more intelligent than the language we use to reason in? \nWe more or less take for granted that the Blub language is less powerful than lisp, so presumably a human language is as powerful as the human concepts. If another “intelligence” (still up for debate) can only use human language can they think more intelligently than us?\nHow much of relativity lies in the language of humans or the language of maths?\nAnd yes, many people can express thoughts better than I in English.","parent_id":50465829,"replies_count":0,"hn_url":"https://news.ycombinator.com/item?id=50470901"}]}