The lead
Anthropic moves toward a mega-IPO as banks line up investor meetings
Bankers are arranging investor meetings for what would be the largest AI listing yet, weeks after SpaceX's public debut showed both the appetite and the volatility. Frontier AI is moving from venture balance sheets to public markets, and with it comes quarterly scrutiny of the economics.
Timing and valuation are not set; the SpaceX slide below its IPO price this week is the cautionary backdrop every banker will be asked about.
CONVOThe senior-room line: public-market discipline is about to price AI economics for real, and the gap between compute cost and subscription revenue becomes visible to everyone each quarter.