Anthropic Aims for a Record IPO, Unitree Up 460%

About this episode

Bloomberg reported on Thursday that Anthropic expects the largest first-time share sale in history, bigger than SpaceX's $75 billion, while it is reportedly still trying to buy a world-model startup for $6 billion. The day before, the most visible humanoid maker on earth closed its Shanghai debut up 460 percent, near two hundred times what it earned last year, on a shipment number three organisations can't agree on within fifty percent. And in the research, the benchmark much of this field's imitation-learning thesis was built on got solved 100 percent of the time by a coding agent with no human demonstrations, whose authors then wrote into the paper that they cannot rule out it reverse-engineered the simulator. Every figure there is real, and none of them means what it looks like.

Anthropic's IPO and the quarterly clock

Anthropic expects to match or beat the biggest IPO ever recorded, and it is reportedly still shopping for a world-model company while it prepares to file. Whether a public frontier lab keeps paying for physics is the most consequential open question in this field, and it gets settled by people who have never worked in robotics.

Bloomberg reports that Anthropic has told its bankers it expects to match or top the largest first-time share sale ever, which is SpaceX at $75 billion.

Item	Detail
Confidential SEC filing	1 June 2026
Banks	Morgan Stanley, Goldman Sachs, JPMorgan
Public filing	possible as soon as the end of August
Record to beat	SpaceX, $75B
Series H	closed at a $965B valuation
Run rate	$65B at the end of July

Confidential filing: a company can hand the SEC a draft registration statement without publishing it, which starts the review privately. The public version comes out before the company goes on the road to sell the shares. A 1 June confidential filing and an end-of-August public one is a normal gap, not a sign of trouble.

The part that belongs on this show is what the same company is reportedly doing with the other hand. It is still trying to buy Decart, a world-model company, for $6 billion. Episode two aired that as a rumour, and it has neither closed nor been denied since.

World model: a system that learns how the physical world behaves and can predict what happens next given what you do. It is the thing that lets a robot try an action in its head before it moves its arm. Decart's own stated applications include autonomous driving and simulating the physical worl