How to Read an AI Company’s S-1: The 7 Numbers That Matter
Run rates, compute bills, two-customer revenue and US$100 billion backlogs: a field guide to the prospectus, with worked examples from Anthropic's leaked…
Marcia Okonkwo
Business Editor
Marcia Okonkwo covers the business of technology for prompt/power: venture capital, startups, IPOs and earnings. She treats a valuation as a mood rather than a number until the S-1 says otherwise.
31 stories
Shopify Bought Shop.com From a Company That Now Runs on Shopify
Market America moved its store onto Shopify, then sold it the shop.com domain for an undisclosed price. The same week, Shopify's Canvas…
After Its Agents Hacked Hugging Face, OpenAI Tried to Buy In. Nvidia Won
CNBC reports OpenAI floated a US$100 million stake to put its Jalapeño chips in front of Hugging Face's developers. That pitch helped…
Anthropic’s Leaked S-1: Skip the $42B Loss. Watch the $518B Bill
Most of Anthropic's 2025 net loss is a non-cash charge on convertible financing; the operating loss was $8.06 billion. The bigger risks…
Tesla Beat a Lowered Bar. Its Storage Business Missed One.
Tesla delivered 486,532 vehicles in Q3, about 5% above its own analyst consensus but down 2% from a year ago. Energy storage,…
Meta Calls Its AI Data Centres Experiments. The Tax Bill Shrank by US$3.9B
A New York Times investigation says Meta classifies AI data centres as "pilot models" to claim research credits on Nvidia chips. Its…
Trump ‘Might’ Buy Into OpenAI and Anthropic. Ask Intel How That Goes.
In a TIME interview, Trump floated Intel-style stakes in the two AI labs and threatened penalties over agent breaches. Both companies are…
Micron Just Booked a $54 Billion Quarter. Now Comes the Hard Part: Believing It Lasts.
Revenue up 379%, an 87% gross margin and HBM sold out. Micron's quarter is spectacular, and that is exactly why you should…
Anthropic’s IPO Math: Slow Down, But First, Price the Offering
Anthropic pushed its IPO to November so it can show off a strong quarter. The number the prospectus can't dress up is…
The Great AI IPO Wave, Explained
Anthropic is reportedly eyeing a post-midterms listing and OpenAI has pushed to 2027. A leaked draft prospectus is already turning private numbers…
- ← Previous
- 1
- 2
- 3
- 4
- Next →