Anthropic, OpenAI and SpaceX all want to IPO within this year. There's just not enough money in the market to buy all those shares. So people might sell their shares in other companies to buy in at the IPO, then when the next one goes public they might sell the shares they just bought to jump onto the next one and so on. I don't think that there was a situation like this ever before.
The amount of new shares for sale could be very large in those three IPOs:
SpaceX: up to $75B [1]
OpenAI: at least $60B [2]
Anthropic: more than $60B [3]
Together, that would be about $195B+ of IPO shares to buy.
For comparison, all U.S. IPOs together raised $44.0B in 2025 [4].
All IPOs in the world together raised $171.8B in 2025 [5].
So where should the money come from? Either from selling shares in other companies or from loaning money which would only make sense if the Fed brings back ZIRP.
They might be conflating the valuation of these three companies with one of the recent analyses that the presumed valuation of the current “AI Economy” is an order of magnitude over the valuation of the total wealth of the world.
Another scenario would be that they release very little shares but because of their market cap they make up a significant portion of an index so index funds are forced to buy a lot of their shares which would drive prices to insane heights.
Well it will always be good in a way, but probably won't become better in the near future. Opus 4.7 was a downgrade in a way that gives Anthropic more control and better margins. And they keep Mythos away from the normies, giving access only to large corporations who pay millions for it.
I'd say it's a mixed bag. Yes, price increases are/were expected. But blocking 3rd party harnesses from their subscription and also moving SDK/claude-p access out of the subscription is blocking innovation and therefore future use of Claude models. What I mean is, while Claude models are SOTA, Claude Code is not. It's full of bugs and shortcomings and new innovative harnesses might make better use of the model, but this won't happen now as they are blocked. Same for all the people building their own scripts/workflows around claude -p or the SDK, they will now stop inventing new stuff on top of Claude.
I think it also doesn’t help that they’re all different flavors of the same tool and it’s very easy to jump between them. None of them actually made a particularly distinct product, and they want us to use their tool to make/justify the nebulous billion dollar product.
As for subscription/token costs, even with increases they’re not even remotely covering costs. If people actually paid what it cost for these companies to even break even, nobody would be using these tools. They simply aren’t that consistently useful despite all the grand claims. They can be useful and in some areas they are very useful, but nobody is going to spend thousands of dollars a month to have something rewrite their emails regularly. And it’s not like these companies are trying to target one industry. They want to target everyone.
I wonder if there's a bit of a standoff situation here where every company feels like they have to burn enormous amounts of cash training/iterating on their models because if they stop, they'll get leapfrogged too quickly. So unless they all agree to just settle where they are more or less and focus on building out functionality and tooling, they all have to keep spending at an unsustainable rate.
From a user’s perspective 4.7 is a downgrade compared to 4.6 . It’s intended to give Anthropic more control about their compute resources and profitability:
I’m working on what I call a Software Delegate [0].
You delegate a task or GitHub issue to it and it uses AI coding agents and developer tools to write the code, run checks, read failures, fix problems, and iterate until the result is good, then comes back with a pull request. It does everything a human dev would do, fully automated.
The effort parameter in Claude Code is essentially useless. It’s just an expression that you wish it to do deeper reasoning but Anthropic can and does ignore it without even telling you.
Claude does appear to work for longer, and use more tokens, when at higher reasoning modes. It just doesn't seem like this increased token usage leads to better actual outcomes
They also changed how they count tokens. So you could end up with less reasoning while paying for more tokens. Anthropic’s profit margin is definitely higher on 4.7 then it was an 4.6. I’m pretty sure this was the main driver behind this update.
Freelance full-stack developer and AI engineer with 15+ years building web applications. My main lane is Laravel/Vue business software: SaaS products, internal tools, API-heavy apps, legacy PHP modernization, and projects that need an experienced person to stabilize them and move them forward.
I also build AI features into production software: OpenAI/Anthropic/Google API integrations, agent-style workflows, scraping/data pipelines, queues, and content/publishing systems.
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15+ years building web applications. Former founder of SaaS startup, ecommerce marketplace, and high-traffic blog network. I ship working software and understand what makes a product viable.
