Anthropic Lost $42 Billion and Wants Your 401(k)

Anthropic's S-1 shows a $42 billion net loss for 2025, and its IPO could land in your 401(k) anyway. Hunter Powers and Daniel Bishop read the filing: $4.6 billion in revenue, up 12x, an operating loss of about $8 billion, roughly $34 billion in share-related charges, and $518 billion in infrastructure obligations already signed. Hunter brings up Uber's S-1, which said the company might never turn a profit (it did). Daniel asks how long anyone can pour money into AI data centers when AI keeps getting cheaper and models like Kimi K3 and GLM-5.3 run on OpenRouter for a fraction of the price. Hunt