Is AI the new cigarettes? Our VC panel digs into Anthropic’s S-1 | E2356

All right, everybody, welcome back to this week. In startups slash this week in venture capital. It's a little bit of a three shows, a little bit of both. We posted it this week in Startups feed. That's been around the longest, but we do three distinct shows every week. This week in AI, this week in VC, and this week in startups, and they each have a corresponding newsletter. Uh that we're working on. We're hiring looking for

Two or three great writers. So we have a big DACA today and an incredible list of guests, Lon. We obviously are going to get deep into Anthropics. S one, which dropped recently. Let's um from a venture capital perspective, of course. Uh, let's intro our amazing guests. Sure. First up, we've got D.A. Wallach. He's the co-founder and general partner of Time BioVentures. They're a life sciences and health care venture capital firm. We've also got our good friend Dave McClure.

Managing partner over at Practical Venture Capital. He's the managing partner over there. It's a firm focused on the venture secondary market. Finally, we've got Ben Black, the co founder and managing director of Acadian Ventures. They're a firm that invests in venture secondaries and they run SPVs, Jason. Got it. All right, let's get started with our first story. We're gonna talk about uh Anthropic, of course. They filed their public S One on Monday for a Nasdaq listing as ANT Ant, with the price range and share count left blank for now. Revenue for the first half of the year came in at sixteen point three billion. That's up 14x from around$1.2 billion in the first half of 2025. Q2 this year saw an operating profit of$974 million. Net loss was$80.7 billion. But seventy two point four billion of that was driven by a non cash accounting charge on convertible notes, derivative liabilities, and safes, which were marked up as the company's valuation rises. Uh the Wall Street Journal reports that Anthropic aims to go public the week of November sixteenth. Raising a hundred billion or more at a valuation of around one point five to two trillion. So TA, we've got uh five or six subsections here, many different ways to go. What stands out to you about the Anthropic S one in this story? Well, I mean I think like with with

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