The Tech Download: Anthropic’s IPO sets up first big test of AI boom valuations

Anthropic, an AI company, has filed for an initial public offering (IPO, the process of selling company shares to the public for the first time) with a $965 billion valuation and $47 billion revenue run rate, setting up a major test of whether sky-high valuations for AI companies are justified. Analysts say the key metric determining Anthropic's success won't be its valuation but its gross margin (the percentage of revenue left after paying the costs to provide AI services), which the company has kept secret and will likely reshape how the entire industry is valued. The filing could have major impacts on competitors and how enterprises price AI services going forward.