A week ago it raised 65 billion dollars, and now it's already filing documents to go public. Anthropic, the company behind the artificial intelligence Claude, filed a confidential request with the US regulator for an initial public offering (IPO) - with an estimated value approaching one trillion dollars. For comparison, that's a number larger than the entire economy of half of Europe.

The figures are the kind that make your head spin. It closed its last funding round at a value of 965 billion dollars, led by names like Sequoia, Altimeter and Coatue. Annual revenue currently runs at the level of 47 billion dollars - and at the end of 2025 it was nine. A fivefold rise in under a year sounds wonderful on paper. The question nobody on Wall Street wants to ask out loud is: how much of that is real revenue, and how much is expectation packaged as revenue?

Anthropic was founded in 2021 by former OpenAI employees, with a story of "safe" artificial intelligence against the race for profit. Today it's that very company rushing to the stock market - almost simultaneously with its main rival. OpenAI raised 122 billion back in March at a value of 852 billion and is also preparing to go public, while SpaceX is chasing a valuation of two trillion dollars.

Everyone's running for the same door at the same time, and that's no accident. When so much capital pours into one branch in such a short period, the question isn't whether someone will profit - it's who'll be left holding the bag when the music stops. Tech bubbles don't burst when everyone is skeptical, but when everyone is sure.

To the ordinary user, the IPO of an AI company seems remote. But when the value of a single tool exceeds whole national economies, we're no longer talking about technology - we're talking about power. And power concentrated in a few California companies rarely ends well for those who are only users, never owners.