Today on Decoder , I’m joined by Joey Brookhart, an analyst at the chip and AI research firm SemiAnalysis, to help me dig into the story inside the numbers of the Anthropic IPO filing — a document known as an S-1.

Anthropic just filed its S-1 to go public on the Nasdaq, and it could start trading as soon as next month at a valuation of anywhere between $1.5 trillion and $2 trillion. That would immediately make it one of the most valuable companies on the planet.

But the price tag really isn’t the whole story here. The S-1 document published earlier this week is hundreds upon hundreds of pages filled with details that finally paint a picture of the economics of a frontier AI lab. As you might imagine, that picture is both really complicated and built on a series of very, very ambitious assumptions about the future and what AI will do to it .

So I wanted to have Joey on the show to help break down what this document tells us, both about Anthropic’s finances and the broader AI economy.…