Inside Anthropic’s S-1, SpaceX Soars, Why VCs Are Ditching Seed Funds

Anthropic just filed its S-1, and the numbers are wild: $16.3B in revenue for the first half of 2026, up 14x from a year earlier. There’s also an $80.7B “loss,” but most of that is a non-cash accounting charge. Jason is joined by D.A. Wallach (Time BioVentures), Dave McClure (Practical Venture Capital, founder of 500 Startups) and Ben Black (Akkadian Ventures, Powerlaw) to break down which backers stand to make billions on the IPO, whether a ~$2 trillion valuation holds up, and how public investors should read the filing.

Plus: SpaceX’s Q3 results and 2027 guidance, shaky debt financing for neoclouds, why early-stage funds are losing ground to SPVs and secondaries, Powerlaw’s push to open VC to public markets, and China’s lead in robotics and manufacturing.