Earnings360 Newsletter for 4/15/2025

Anthropic's IPO carries a $2 trillion valuation, with revenue projected to jump from $10 billion to over $100 billion this year. But most of that growth comes from compute spending, not profit.

OpenAI just cut prices on select models by 80 percent, and one DeepSeek model reportedly runs 100x cheaper than Claude. A valuation this size assumes near-perfect execution, echoing SpaceX's 50 percent post-IPO drop.

Here's the good news: the smart money's exit isn't the end of the opportunity… it's the start of a different one. When institutions rotate IPO profits elsewhere, we believe we've found where that capital lands next.