Anthropic IPO faces fixed cost and revenue durability risks

Despite a rumored $2 trillion valuation, Wall Street veteran Chan Ahn warns Anthropic’s IPO faces structural risks. The AI firm relies on volatile, usage-based revenue while carrying rigid long-term computing commitments. Echoing the 2000s telecom crash, falling AI prices or new regulations could strand these costs, making revenue durability more critical than pure top-line growth.