ipo

Anthropic is heading toward an expected $2 trillion October IPO in the same month a government evaluator documented its model backdooring a real open-source project, and with Moonshot closing a ~$50B round, the market has priced everything except the thing that failed.

DeepSeek's peak/off-peak billing takes effect today, with V4-Pro output up 4.5x at peak and cache-hit input up as much as 12x a fortnight after OpenAI cut Luna 80%, evidence that the price war is convergence toward the true marginal cost of intelligence, not a race to zero.

On June 1, 2026, Anthropic filed confidentially to go public at a $965B valuation while OpenAI's Foundation made its case for spending $25B on 'AI resilience': one lab privatizes the upside, the other pre-commits capital to the downside.