Welcome back. The main thing happening today is Anthropic meeting investors ahead of its IPO. Live 12–3 BST. Here's your Order of Play.
WHAT’S HAPPENING TODAY
Anthropic is meeting potential investors to steady nerves ahead of what could be the largest IPO ever. The company, last valued at $965 billion, is making its case for continued growth while facing a tougher line of questioning than before.
Investors have reportedly pressed executives on three worries in particular: the rise of cheap Chinese AI, friction with the Trump administration, and the public backlash against data centres.
Anthropic's answer, per the WSJ’s reporting, is to play down the China threat and focus on its lead. Executives argue most users want the smartest model available, and Chinese systems still trail the frontier by a few months. It's also pitching a push into healthcare and biology, both as a growth story and as a way to soften the mood around AI.
The company has gained ground this year on the back of its coding tool Claude Code, with run-rate revenue hitting $47 billion in May. The price it lists at, and how the stock trades after, will set the benchmark for how the market values every top AI lab.
Anthropic is targeting September or early October according to sources. OpenAI, once the favourite, now isn't expected to follow until next year.
We're getting into all of it on today's show at 12 BST.
YESTERDAY’S MOMENT
Silicon Data’s Head of Research, Steve Hou, joined the show to explain how compute is becoming an asset class in its own right. "Every time we've had an industrialisation / build-out of such, eventually this industry matures on the other side of it, financial derivatives help with the financing."
His broader point was about the shift happening underneath it all: "[The] AI build-out has transformed from a strictly technology problem into a capital problem."
A few hours later, Jensen Huang published an article on X arguing that compute is becoming an investable asset class, pointing to more than $500 billion in outside capital lining up to finance AI infrastructure.
Watch the full clip below.
VIEWER TAKES
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Luke & Ronan
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