Anthropic filed its S-1

On 1 June the company filed confidentially for an IPO, days after a $65B raise lifted it to a $965B valuation. *A surface event — a paperwork filing — that is the visible tip of a tectonic item below. The processing is euphoric and instrumental: every finance outlet has already written the "how to position for the trillion-dollar listing" piece. The market has skipped past the question of what the thing is, straight to how to own a slice of it.* ---