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Anthropic IPO: pricing, valuation reset, and big-tech participation
Kara Swisher and Scott Galloway open with new details on Anthropic’s upcoming IPO, including a lower-than-previously-floated valuation and a large set of strategic investors. They frame the deal as another example of tech’s “circular” financing and set up how it may ripple across the AI sector.
- •Anthropic sets a price range and is described as being valued below earlier expectations
- •Seven major tech companies are said to be investing a large total amount into the offering
- •Kara connects the Anthropic news to broader AI market momentum and recent attention on OpenAI’s financials
- •They begin debating whether the IPO dynamics will affect competitors and investor appetite
Scott’s take: Anthropic tries to “empty the punch bowl” of AI capital
Scott argues the IPO approach prioritizes raising maximum capital, potentially tightening funding for others in frontier AI. Kara challenges what that means for everyone outside the big-tech circle that can keep writing checks.
- •Scott says Anthropic appears more focused on raising as much money as possible than maximizing valuation
- •He claims the strategy could soak up available capital for “pioneer models,” making it harder for others
- •Kara questions who benefits when the same tech giants are investing repeatedly across deals
- •They contrast this approach with other high-profile fundraises where valuation optics are the priority
IPO mechanics and the fragility risk: a credible investigation could shelve the deal
Scott runs through the investor list and structure, then flags a major vulnerability: a credible investigative story could delay or derail the IPO. Kara adds that scrutiny and investigations may intensify across AI companies and cites a cryptic public comment she interprets as referencing an AI executive.
- •Scott lists major purchasers and describes the scale and structure of the raise
- •He notes a larger-than-typical allocation set aside for retail investors
- •Scott warns that any credible investigation could cause the IPO to be postponed
- •Kara argues investigations around AI firms are likely and agrees the timing is sensitive
Valuation math: revenue surge, losses, and the case for a strong day-one pop
Scott shifts into detailed valuation and financial figures, emphasizing explosive growth alongside enormous losses and non-cash charges. He predicts strong initial trading, while Kara presses him on whether he’d actually buy.
- •Scott outlines changes in implied valuation and frames valuation in terms of revenue multiples
- •He cites rapid revenue growth over the prior year while highlighting very large net losses
- •Scott names specific IPO timing for pricing and trading
- •He predicts strong initial performance despite uncertainty about longer-term outcomes
Scott’s personal trading plan: get allocation, sell immediately
Pressed by Kara, Scott describes his intended strategy: seek IPO allocation and sell on the first trade to capture the engineered “pop.” He argues underwriters will price for a headline-grabbing first-day jump to avoid a “broken IPO.”
- •Scott says he’s pursuing IPO allocation through a book-running bank, expecting limited access as a retail investor
- •He predicts the first trade could be substantially above the offer price
- •He claims banks and issuers will prefer dilution over negative optics from a weak debut
- •Kara restates the logic: lower pricing supports a stronger first-day jump
OpenAI vs. Anthropic: growth, huge losses, and whether capital gets crowded out
Kara returns to OpenAI’s recent fundraising and financial performance and asks how Anthropic’s IPO affects it. Scott compares shifting market leadership dynamics and argues the sector’s next signal may be the IPO’s reception as much as anything else.
- •Kara highlights OpenAI’s valuation, reported revenue growth, and continuing large losses
- •Scott uses a “Coke/Pepsi” analogy to describe how fast perceived leadership can change
- •He argues the key question is whether Anthropic absorbs too much capital/oxygen for others
- •Scott says the IPO’s reception matters because it affects demand-side ability to buy more chips
California’s billionaire wealth tax defeated: what failed and what could replace it
Kara introduces the defeat of California’s proposed billionaire wealth tax and predicts renewed focus on taxing the rich. Scott argues wealth taxes don’t work in practice and proposes alternative approaches centered on federal tax reform and closing specific loopholes.
- •Kara reports the measure’s defeat and notes heavy spending by opponents
- •Scott says wealth taxes often get repealed and can reduce treasury receipts
- •He calls for a progressive tax structure and an alternative minimum tax for the ultra-wealthy and corporations
- •He argues borrowing against stock should trigger taxation and that states should tax wealth gains when residents move away
Tax avoidance realism and the need for structural fixes beyond philanthropy
They discuss why individuals optimize around the tax code and how complexity benefits the ultra-wealthy and corporations. Kara and Scott agree philanthropy can’t substitute for systemic policy changes, with Scott arguing the country can’t rely on wealthy donors to fund core needs.
- •Kara cites well-known tax-avoidance sophistication as evidence reform must address loopholes
- •Scott says most people try to minimize taxes and criticizes the expansion of the tax code as lobbyist-driven
- •They discuss wealth hoarding and the limits of relying on billionaire philanthropy
- •Scott emphasizes structural solutions over charity as the basis of public funding
Midterm aftermath: Mississippi Senate flip and what powered it
After the break, Kara runs through a fast congressional roundup, starting with a major Mississippi result. Scott attributes the victory to Black women’s turnout and voting patterns, and Kara praises the candidate’s messaging and focus.
- •Kara describes the Mississippi upset and frames it as historic
- •Scott credits Black women as decisive in the result and cites turnout and voting share figures
- •Kara points to standout advertising and campaign strategy as unusually effective
- •They agree the candidate’s issue focus resonated, including healthcare-related themes and other kitchen-table concerns
Hegseth impeachment effort stalls: missed votes, logistics excuses, and party discipline
They turn to the failed push to advance impeachment articles, with Scott arguing Democrats simply didn’t execute. Kara questions whether the missed attendance was planned or incompetence, while Scott attributes it largely to poor planning and health issues among members.
- •Scott explains how the vote was routed in a way that effectively kills the impeachment effort for now
- •They discuss the impact of missed votes and whether the vote could have swung with better attendance
- •Kara questions leadership competence and whether there was a deliberate strategy behind absences
- •Scott rejects conspiracy framing and emphasizes logistics, illness, and attendance failures
Tomb of the Unknown Soldier incident: symbolism vs. substance
Kara argues the behavior captured on video is meaningful as a sign of disrespect, especially to military audiences. Scott calls it “catnip” and downplays policy significance while acknowledging the emotional and symbolic power of the scene.
- •Kara praises the soldier who enforced silence and calls the behavior reprehensible
- •Scott describes the clip as emotionally resonant but not materially important for governance
- •They debate whether symbolism is politically meaningful to service members and the public
- •Scott concedes it reflects poorly on seriousness and decorum even if it changes nothing directly
Epstein files pressure and the return of aggressive oversight
Kara highlights continued efforts to force transparency on the Epstein files, and Scott suggests delayed accountability may be giving way to a more forceful congressional role. They outline what the proposed mechanism would do and how soon it could reach a vote.
- •Kara notes ongoing efforts to force action on the Epstein files and expresses surprise at persistence
- •Scott says delaying tactics may fail once oversight ramps up, calling attention to Congress as a co-equal branch
- •They describe a bill enabling certain parties to sue the Justice Department over allegedly withheld records
- •Scott mentions procedural progress that could bring the issue to the floor soon
House GOP chooses Jim Jordan: competence, baggage, and a combative strategy
They evaluate Republicans elevating Jim Jordan, with Kara calling it a doubling down on confrontational leadership. Scott, while disagreeing with Jordan’s politics, argues he’s competent in hearings and notes there have been worse choices, as they contrast him with other leadership dynamics.
- •Kara frames the selection as choosing a “fighter” and expresses strong disdain
- •Scott says Jordan appears competent at running hearings even while he dislikes his politics
- •They acknowledge “alleged scandal” baggage referenced by Scott without detailing it further
- •Scott argues some leaders function more as extensions of the White House than independent congressional leadership
Predictions: Nvidia’s stock rebounds; Rubio stays; plus closing updates
In predictions, Scott forecasts Nvidia ends the year higher, arguing the company’s fundamentals look stronger than its current market treatment. Kara predicts Rubio stays, suggests continued internal leaking to shape blame narratives, then closes with a critique of a new White House ballroom and show announcements.
- •Scott predicts Nvidia stock will be higher by year-end and argues the selloff created an attractive valuation relative to broader markets
- •He claims Nvidia’s success is rooted in deep organizational strength, not just one individual
- •Kara predicts Rubio will remain, citing reputation management and ongoing leaks from people around key figures
- •Kara announces a forthcoming project/book concept tied to a digital bill of rights and wraps with show/network notes
