ai morning #92 — anthropic's growth cools right before its record ipo push

ai morning by thehype · Oct 15, 2026 · 8m

Anthropic's quarterly numbers leaked just as the company lines up what bankers are calling the largest IPO ever. Revenue climbed to a new high, but the growth curve bent sharply. Compute costs are eating well over half of every dollar the company earns. That timing puts public-market scrutiny on the current AI investment math.

Marcus walks through Anthropic's Q3 revenue deceleration, the sharpest detail being how much of every dollar earned goes straight back into compute, and what it means for any builder pricing a product on top of frontier APIs.

In this episode:

00:00 Intro

01:42…