I am sure a lot will be learned about the Anthropic S-1 over the next few days.
But among the most (worrisome) big-picture issues is the amount of insider selling the IPO allows for (including right at the time of the IPO) without a lockup.
If the insiders and investors who know the most about the company are in a rush to sell, why would anyone be in a rush to buy?
This reminds me of the CoreWeave ($CRWV) executive who claimed that the selling in CRWV’s shares was irrational, while he and every other member of senior management had sold hand over fist.
The whole structure, governance, financials, opacity, selling, valuation, the whole deal just smacks of hubris and arrogance. There is an underlying expectation that the greater fools continue to line up, nod in bovine agreement, and eat the slop they are fed by the VCs et al:
$ANT – ANTHROPIC PLANS EARLY SHARE SALES AFTER IPO
Anthropic is preparing an unconventional lock-up structure, allowing some early investors and employees to sell shares before the traditional 180-day restriction expires.
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