It will be the largest IPO in history, and a major test for the AI bubble. Anthropic, the company behind large language model Claude, will soon go public. What to make of it? Is there a valid case to be made that it should be one of the most valuable companies in the world? And where could it all go wrong? Benedikt Evans is the analyst worth listening to here.

From Weekly Filet #593, in November 2026.