Why Scott Galloway Sees “Tons of Risk” in Anthropic’s IPO

The hosts focus on Anthropic’s IPO filing, which shows explosive revenue growth alongside enormous losses, heavy cloud commitments, and a long list of risks ranging from rogue AI behavior to public opposition over data centers. The filing says revenue reached $16.3 billion in the first half of 2026, while the company also reported an $80 billion net loss, though most of that was described as an accounting loss tied to convertible debt. The guest argues that the company is scaling at extraordinary speed, but also sees major uncertainty around regulation, power needs, competitive pressure, and whether the market can keep funding the infrastructure required for AI growth.

They also spend a long stretch on Elon Musk’s escalating political spending, especially his more than $445 million in contributions to Republican groups this cycle and his heavy backing of attacks on Texas Democrat James Talarico. The host and guest argue that the scale of that money is corrupting democracy and that campaign finance reform and higher taxes on extreme wealth are needed. They also discuss Musk’s admission that Starlink access was restricted in Ukraine, which they treat as a dangerous example of a private citizen influencing military outcomes.

The episode closes with a review of the documentary about Elizabeth Holmes. The host says the film is more like a movie than a traditional documentary, finds it riveting, and says Holmes still reads as a fraud and a victim at the same time. Both hosts note its strong box office showing as evidence that audiences are turning out for ambitious documentary filmmaking.