Another AI unicorn hits the IPO rodeo, promising a trillion-dollar fantasy while drowning in data center bills.

Anthropic, the AI startup behind the Claude models, has officially kicked off its roadshow for an initial public offering, aiming for a valuation of up to a trillion dollars. The company plans to sell 825 million shares priced between $70 and $78 each, which could raise up to $64.4 billion, while a separate private placement with tech giants like Google, Nvidia, and Microsoft could add another $26 billion.

Despite reporting $16.96 billion in quarterly revenue—a 47% jump—the company remains deep in the red, with commitments for nearly $900 billion in future cloud computing costs to partners like Amazon and Google. This IPO represents the peak of AI hype, where staggering infrastructure bills and investor skepticism collide with fantasies of infinite growth, reminding everyone that even the hottest AI startups are ultimately just expensive cloud tenants.