What Is Exit Liquidity in an AI IPO?

Ed Zitron says an Anthropic IPO is exit liquidity. Buyers are sold the idea of investing in the next Google or the next Meta. In his account, the offering is how earlier venture investors sell shares they bought much cheaper.

He sets the offering around one and a half to two trillion dollars. Even if Anthropic grew to the size of NVIDIA, he says the return would be three or four times the money, not the old venture outcome, and he does not think Anthropic gets there. Anthropic has negative EBITDA, which he glosses as negative earnings before taxes and depreciation. Jon Stewart asks whether the doubt is the same doubt people had about Google before advertising made the network pay. Ed Zitron's comparison is that Google's buildout left an asset, and he does not treat Anthropic's leases the same way.