Limitless Podcast - The AI Dark Horse: Anthropic's $300B Secret Formula

Episode Date: December 10, 2025

Anthropic's revolutionary coding AI, Claude, is transforming coding output and user interactions. With explosive revenue growth, projected to reach $10 billion this year, they have some serious competitive positioning against tech giants. They've got a $52 billion partnership with Google, and coders love Claude. Especially with features like as its ‘planning mode.’ We also touch on Anthropic's anticipated IPO and what it means for the future of AI.------🌌 LIMITLESS HQ: NEWSLETTER ⬇️https://limitlessft.substack.com/------TIMESTAMPS0:00 Intro1:48 The Rebel House of AI3:11 Coding5:03 Claude's Release10:50 Ephemeral UI11:46 Personal AGI14:38 The Future of UI and Coding17:46 Funding and Partnerships23:08 The Road to IPO25:47 Potential Risks Ahead29:02 The Impact of Anthropic------RESOURCESJosh: https://x.com/JoshKaleEjaaz: https://x.com/cryptopunk7213------Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures⁠

Imagine spending years designing, building, perfecting your app or product only for an AI model to come along and build an identical replica in seconds. Well, this is exactly what Anthropic has achieved. They have the best coding AI model clawed in the world. And they've fended off multi-billion dollar attacks from the likes of Google and Open AI. In fact, they're so good that they've 10x their annual revenue three years in a row. They're on track to achieve $10 billion in Rev this year. and they're projecting $70 billion in revenue by 2028, which is just insane. But if that still hasn't convinced you, get this.

50% of AI prompts today are just people vibe coding. And 80% of those people, they're using Claude. But here's the crazy plot twist. Anthropic superpower isn't that they have the best coding AI model in the world. It's what you can do with that coding AI model. Hear me out. Imagine never having to open an app or a website ever again. Claude just generates the exact digital experience that you desire.

Imagine not needing to scroll endlessly looking for the perfect pair of shoes that you want to buy. Claude just generates the UI and presents you with a buy now button that you just click, and it completely evolves the way that humans interact with the internet. Now, I wish that this was the only good thing that Anthropic was good at, but unfortunately, there's so much more. In fact, Microsoft and Nvidia are investing around $15 billion in Anthropics, in Anthropic and they're winning the enterprise market share as well. All of this on the fact that the, or rather the rumor that they're going to IPO next year at a crazy valuation, which might

just mean that Anthropic is the best investment opportunity in the recent decade. Yeah, this episode kind of stems from the idea that I think more people are bearish on Anthropic than they should be. And it mostly comes from a misunderstanding because I'd place myself in that category. I hadn't cared that much about Anthropic. I heard a lot of headlines about them being kind of bearish and decelerationist, and it rubbed me the wrong way. But upon doing the research for this episode, it became clear. There's actually some really interesting advantages and cool opportunities that exist inside of Anthropic for an investment opportunity, but also for just personal productivity and use cases on a daily basis. It's very cool. So before we get into that,

I want to set the origin story, kind of do some context setting for the cast and characters here. You could think of Anthropic as kind of the rebel house that walked out of open AI. We like to do the Game of Thrones talk. OpenAI was the Kinghouse. Dario and his sister, Danielle Amode, were actually senior leaders at Open AI, the company. And in fact, on screen, we're showing one of the founding papers that he wrote while he was at Open AI. So if Open AI is how stark, then Anthropic is like this group of X-Starks that said, yeah, we're just going to go build our own kingdom over there on the other side of the hill. Now, why did they do this? The divide comes from the underlying ethos of what we see Anthropic talking about a lot, which is safety.

And a hot take is that safety, their obsession with safety isn't actually a break, but instead it's their enterprise sales strategy in disguise, which we're going to get into because a lot of the market is enterprise sales. And they require a serious amount of safety and constraint that a lot of models don't actually have. So Dario, he has this kind of heretic belief in Silicon Valley where he thinks benchmarks, they're mostly cope and that coding is the only benchmark that matters. And through this foundational value set, we start to see where Anthropic should. shines, EJS, and I think that's probably where I'm going to pass it off to you to talk about

how impressive some of these models have been recently, particularly around the unique advantage that they have, which is coding. Yeah, I mean, I'm with you, Josh, that I was also a hater of anthropic. I just always saw them as kind of like a corporate, narkey model, and I kind of like dismissed coding primarily because I'm, that's not the majority of the activity that I do on a daily basis, right, versus some like software engineering oriented friends that really see the benefit of this model. And then I came across this crazy stat in prepping for this episode, which is, Josh, just last year,

the percentage of tokens, so that's AI tokens, the stuff that you kind of fuel with prompts, that composed of coding. Guess what that percentage might have been? Oh, man. Coding 30%. It was 12% last year.

Oh, wow. Okay. And now 12 months later, it's 50%. And Claude code accounts for 80% of that, right? So that was the latest stats released. Whoa, whoa, hold on. Pause there. Wait.

So 80% of 50% of the tokens that are being generated are now generated by one company. Correct. Oh, man. Okay. Whether it's through cursor, whether it's through some kind of integrated development environment or through Claude Code directly, which is like primarily where people are going to to vibe code. 80% of that is cloud code, which is just an insane stat and such a rapid rate of increase

over the last 12 months. This is stats from the recent report from OpenRouter. Shout out Alex Atala. We did an amazing episode with him a few months back. Definitely go check it out. But the main takeaway from this, Josh, is that they have the best coding model. And it's not like this is an old coding model. This got released, I think, a week and a half ago in the aftermath of Gemini 3 Pro's kind of like crazy entrance where it just broke every single benchmark, including coding.

Anthropic released this model and said, hey, hey, we're going to be. We're still the Kings here. Step back. And I think this summary from McKay Rigley, who is a guy, Josh, you were telling me this before, who gets access to these models, kind of well in advance of them being released. So he gets to test them out and really give a in-depth review.

So what we're reading here is, you know, something that is really practical and true to the bone. He explains the kind of bigger picture with this coding model. The main one being that it just allows autonomous development of pretty much anything. I think a lot of people look at Anthropic and they think, oh, they're just the coding model. I don't want to use it. It's got nothing to do with me because I don't code. And the argument that he's trying to make in this post here effectively is if LLMs enabled you to write words autonomously and then the first iterations of Claude allowed you to code, then this latest Claude Opus 4.5 release will be the enabler for AI agents. It'll allow them to autonomously do work for you.

all this crazy kind of examples that we've come up with in the past now become a reality with this new model. Yeah, one of the things that I've found shock, well, outside of that stat, that 50%, 80% and 50% of tokens are an anthropic is, is that people don't care because people don't use it. And I find myself in that bucket. But when you read reviews like this, when you see those numbers, you start to realize that even if you're not using it directly, this is a massively large deal. And one of the things that he mentioned in this post is just the revenue growth. And it starts to make sense now that we have these pieces, where the first year was one to 100 million, the second year was 100 million to a billion, the third year, one billion to 10 billion. Can they go to 100 billion? Well, they're

projecting 70 billion, so maybe not another 10x, but this massive gargantuan improvement in revenue year over year, because they have this monopoly. And as I was reading through this review, and we're not going to go through the whole thing, because it's fairly long. But this is a developer who is completely in awe over the fact that the entire paradigm has kind of shifted in a way that wasn't previously possible. The new model introduces this thing called planning mode. And if I was playing around with it a little bit because I was just fascinated to see how it works where EJZ, if you've ever done deep research in open AI, you'll recognize that you share the prompt of what you want, but then it asks follow-up questions to kind of make sure that you're

doing the right prompting and make sure that you're getting the right result that you want. What planning mode does with Claude is it does the same thing. So if you have a query, if you have a prompt and you want it to be one shot, you want to just say what you want and get it on the back end, the new version actually has a path of getting this. And it seems to me that this is the public sentiment everywhere that in a way, Claude almost has a monopoly on code, where if you really genuinely want the best model in the world at writing code, this new 4.5 model from the quad is is it? I particularly like this sentence that he writes here where he describes Opus 4.5 like Waymo. He says, you tell it, take me from A to B. And it takes you that.

After a few of these experiences, your brain realizes, oh, okay, we live in this world now, and now you're hooked. So in the same way that Waymo, you can step into a Waymo car and it autonomously takes you from site A to site B. He explains it in the same way that called code can kind of take you from problem set that you described to it to an output in a matter of seconds. And that's super powerful. Your point around the prompting stuff, Josh kind of reminded me of this concept of men. meta-prompting where, you know, you kind of write a prompt to chat GPT or to Claude, and you're kind of like, hey, make this prompt sound better. Write this in an expert way.

Try and say what I'm trying to say. And the LLM kind of evaluates your prompt and then rewrites it and then submits it to itself. And it's this kind of like recursive momentum that Claude has really sort of nailed in the coding vertical, right? And then I kind of think of another thought that, And Andre Carpathy came up with a while ago where he says the new language of coding is actually English, right? And we see this development of people getting really, really good at prompting.

And they structure it in such a way that it's kind of like a hybrid between the English language and coding. And I see kind of like the future of AI coding, not just being this thing that is just kind of relegated specifically to software engineers and those who have a certain software engineering background, but anyone and everyone can get access to it. It just, just kind of like converges into this specialized form of the English language, which is both kind of like unnerving in a way because it's kind of like undiscovered and uncharted territory, but really, really enabling once you figure out that, oh, that can unlock so many other things if like now any kind of like 10 year old can figure out how to code. Yeah. And maybe it's also

helpful to explain why coding has become the default interface. Because I think it's not, it's not really obvious when you talk about Andre's quote where English is the final language. Well, natural language is great for asking questions, but code is great for actually doing things. So we're converging on this pattern where a user will describe their intent in English. The AI turns that into code. And then the code is the interface to everything, to data, to APIs, to payments, to UIs, to all of that. And actually, on the topic of UIs in particular EJIs, I know you have some takes on this that I would love to hear about because your idea of what the future of UIs, and for those who are unfamiliar at user interface,

It's basically when you engage with an application, the way the app looks and feels and functions, that is the user interface. But, Ejazz, you have some interesting takes on the future of UI and what that's going to look like as it relates to Quad in particular. Yeah, so I think this is the number one bull case for Anthropic. It isn't the fact that they have the best coding model in the world. It's what that coding model enables. And it's this term I've been kind of playing around with called ephemeral U.S. or ephemeral AI. And what I'm describing here is, well, typically people are used to navigating to websites,

going on apps, scrolling on their phones, tapping icons. I argue that in the future, apps don't exist, Josh. Websites don't exist. Scrolling doesn't exist. All that happens is your AI listens to what you want, and it generates a user interface personalized to exactly what you're asking for in milliseconds. So it generates the website from scratch where it didn't exist before you prompted.

It generates the buy button. Heck, it might even create a product that didn't even exist before, that you can click order, and then it sends it to a manufacturer or factory in the real world where a bunch of robots or people create it and then deliver it to your door a few days later. Now, this was kind of like crazy to wrap my head around

and I found this really great tweet here that I'm showing you from Justin Murphy, which kind of captures the excitement. I'm going to read an excerpt for it. Claude code is personal AGI. You can't use this thing for more than a weekend without realizing it's completely over. At first, you make a graphic user interface app,

and you're like, okay, cool. Then you're like, wait, graphic user interfaces are a waste of time. Let's just make a terminal app. And then you're like, wait, apps are a drag. What if I just ask Claude Code to do the thing directly? Works immediately. And then you're like, damn, Now asking Claude Code to do stuff feels like a drag.

Can I maybe have Claude make a system that says this stuff for me? And he goes on and on and on and he reaches the end point where he's like, oh my God, this is going to completely change the way that we interact with the internet and the digital world that exists today. We're not going to open up our laptops and navigate to a website or a browser. We're going to have just AI funnel this entire thing for you. Josh, is anything that I'm saying makes sense? It's hard for me to wrap my head around.

So I can imagine it might be similar. Yeah, this makes total sense. In fact, my question, like, is not whether this is correct or not. It is, is Claude the company that will be able to do this? So it seems like at the limit, when you're exploring, like, where are the outer bounds of where AI goes to? The end state is probably something similar to photons in photons out, meaning, like, you get sun from the sky, it turns into intelligence through a transformer, and it just outputs some sort of information. What does that information look like? well, is it text on a screen? Is it a visual interface? Is it audio? Is it all of the above?

And what we're seeing on screen here is Andre Carpathie, who is the legend that we all know and love. He is describing one possible thing, which is what you were talking about, is this dynamic creation of user interfaces. Now, I just want to note the fact that this is a Google example and not an anthropic example, which is where my one little bit of concern comes in. So Anthropic is unbelievably good at coding models, large language models, which traditional LLMs, they predict text token by token, kind of like left to right. And they rely heavily on prior tokens too. So like it's just, it's a very linear way of thinking. But what Google is doing and what some of these other companies are doing that have more of a physics-based approach versus a code-based approach,

is this thing called diffusion models, which instead of relying on tokens, they kind of diffuse everything and they start with noise, and then they iteratively refine the entire output all at once. So it's much faster, it's much more dynamic. It feels like it's appropriate for building these types of user interfaces. I think you're right in the sentiment. I'm not sure Claude is going to be the one to get there. And that's kind of where I start to find little pieces of doubts in this thesis is, well, Claude's great for code.

And code has a huge marketplace. But there's a lot more in the world that will be impacted by AI that is not written by code. Like in the world of atoms, in the world, like any sort of visuals that we're doing, anything that's not built by code, well, Claude isn't really there. But is that a problem? Probably not. I mean, hey, what was the number? 80% of 50%? That is a huge number and the revenue isn't slowing down. So maybe what we're seeing here, and I think this is probably what we're seeing here, is again, we talk about this all the time, the narrowing of focus and scope in these AI companies where Google has a real world reality model. Claude is focusing highly specifically on coding. And right now, they're the best by far. Maybe Anthropic ends up providing the fuel. for this next iteration or evolution of a UI, right? So maybe they won't end up building the user interface that people interact with or whatever app surfaces this to people,

but they supply the code. They supply the engine to kind of harness and power this. And hey, that's like a very, very valuable thing, right? If they can create their kind of like own market monopoly on a layer between GPUs and AI apps and they sit in between them and they funnel everything between them just through their own coding model. That's a pretty valuable company as is. The other thing that really impressed me about what they've been able to build, Josh, is this coding model was built without the billions and billions of dollars' worth of resources that Google and Open AI has. Remember, Open AI is a $500 billion

company or private company. It's the most expensive private company that we know of right now that's been like officially confirmed. And they have so much in funding capital. funding from their investors, right? Google, on the other hand, is a cash cow. They get so much money from all their other profitable businesses that they could just plow it into AI and make all of their AI apps free. And we saw that with Gemini 3 Pro coming out, that they just smashed all benchmarks. Despite that, Anthropic, with lesser funding, with lesser support, was able to pull out a better coding model. And what's impressive about this now, Josh, is that they're being funded a hell of a lot more. In fact, they're starting to make some pretty big expenditures. This news was

released this week where they signed a $52 billion deal to purchase one million Google TPUs. That's Google's version of their own GPUs. And the reason why this is super interesting is a TPUs specifically are built for very specific purposes, very specific functions. And anthropic specific function, as we've and saying repeatedly on this episode is coding. I see this as a direct means for them to extend their lead and strengthen their mode as the leading coding AI model provider. And this is pretty impressive

when you take it to the fact that it's not just Google getting involved in this, Josh. It's also all the other kind of Game of Thrones participants. You've got Nvidia and Microsoft investing $15 billion. I have a crazy fact for you, Josh. Guess the percentage of ownership that Google has of Anthropic. Oh, yeah, wait. So again, I cheated in the research for this.

It's outrageous. 14% of the company is owned by Google. Yes. That is so much of the company, which is funny because, I mean, Anthropic just wired Google $52 billion for a TPU order to cut their influence bill by two-thirds. So again, like you said, this is very incestual. There is a lot of incest going on. In fact, there's another person on the cap table,

which I also learned, which is fascinating. And that company is named Amazon, who owns somewhere between 15 to 19% of Anthropic. So between Amazon and Google, one third, they own one third of Anthropic, which is an outrageous amount. And it made me laugh because, again, so much of this industry,

so much of this AI bubble, for lack of a better word, is built on top of these reoccurring Lego blocks, where every house in the Game of Thrones, it's all very incestual. They're all related. They all have interpersonal relationships. They all have a vested interest in the other person succeeding. So when Anthropic is wiring $52 billion to Google, well, Google owns 15% of the company already. And they're going to help Anthropic cut their inference bills by two-thirds because TPUs are very efficient. And like it's just, it's all this self-fulfilling loop, hopefully upwards in a rising tide that lifts all boats. It's really funny. Anthropic is kind of like the golden child that's getting spoiled by his parents

and all the aunties and uncles. You've got Nvidia that's saying, hey, please take my GPUs. In fact, do you want to know a stipulation of the $5 billion investment in Anthropic that Jensen specifically put forward to Dario? It was the fact that they would dedicate an entire Nvidia team

towards designing their next model of Claude. So Claude 5 is going to be co-signed by Nvidia, because he was so anxious about Google TPUs taking over his market share for Anthropics specifically, right? Then you got Google coming in with 1 million TPUs, and then you got the Amazon investment, which means that their trainium chips, which they just announced last week,

is also going to train Anthropic. Like, there is no means for them to lose from an infrastructure perspective. It's theirs to basically lose, and it's just an insane thing to see, but they're being even more aggressive. It's not just GPUs that they're focusing, Josh. Did you see this news leak from the information this week?

I think they're going on a acquisition spree, dude. They're going to start acquiring a bunch of developer companies to further strengthen not only their coding AI remote, but the application layer that developers will end up using as well. Yeah, okay, so this is interesting to me, because what's the constraint that every company faces? They don't have enough CPUs. They don't have enough compute, whether it be energy

or they can't get enough GPUs from Jensen. They're compute constrained. it feels like Anthropic is kind of compute flooded. They have an abundance of options. They don't feel constrained by compute. So the question I'm asking myself is if, hey, if you get the king of coding a mountain of chips and ask what happens, well, my bet is they just continue to solidify the coding lead. And as they do this, they will continue to climb the stack into probably more enterprise apps, more directly up against other companies like Open AI. So this is their way in. Are they going to compete on a broad scale across all of the features, no. But as a focus on code, if they continue

down this route, I mean, that monopoly on coding tokens is like pretty serious. And as the number of tokens goes up every quarter, I mean, like Dario said, they're on pace to $70 billion of revenue. That is like a tremendous amount of money. So it seems like they're in a really good spot. Okay. So if I were to get a gut check between the both of us right now, Josh, I would say we're pretty bold up, right? Would you agree? I am bullish. And if I am bullish, then surely there's a way for me to see some upside in this, right, based on the rumor mill. Well, that's the puzzle piece that's been missing for so long, right? Like, it's one thing for our listeners to listen to this and be like, okay, great, Anthropics are an amazing company. But it's another thing to be like, well, I can't invest. They're a private company. Well, the rumor mill has been churning, as it always does, every single week. And apparently Anthropic is filing for an IPO as soon as next year. Now, some, have even said Q1 of next year. I think they are probably too bullish, but somewhere in the kind of

realm of 2026 is where we might see one of the biggest IPAs. And that's not a phrase that I came up with. That's coming directly from the Financial Times. Dario is separately trying to raise and confirm a $300 billion private valuation of Anthropic with the aims of going public. If it does, Josh, I think this might be one of the best AI investments that we've seen in the recent decade, right? We haven't even got an open AI IPO, and I think they might even IPO later. And there's a few reasons why Anthropic is going to IPO as soon as this. And it's, well, actually, it's one main reason. They've becoming profitable way sooner than any other AI lab. Like you said, they're projecting $70 billion by the end of 2027. And the main reason

why they've been able to do this is because they've dominated the enterprise AI market. So if all things go on and they keep on following this pattern of 10xing their revenue for the last three years, and they do it for another fourth and fifth year, then they're the likely candidate for a crazy IPO. Yeah, it's like if you missed AWS and you missed early Nvidia, then Anthropic really is one of the only shots left to own a pure play in AI infrastructure and the coding story at scale. Like this is really one of the earlier opportunities to get in

at any of these companies under a trillion dollar valuation, which is outrageous to say, but that's probably the reality. And I guess if I'm thinking about how to evaluate this, whether I would want to invest or not. If you're evaluating Anthropic on their ability to create a coding model, they're fantastic. Revenues are high. They have a clear path to expanding. I mean, $70 billion is an outrageous number for a company this young.

Outside of coding, it's not that interesting. I'm not sure where the applications lie, but coding is so large. And again, I'm trying to wrap my head around the 80% of 50% of all of tokens generated. It's like such a huge number and so much. of the world runs on code that having a pseudo monopoly on that for now is a really big opportunity. And I guess, like, it, depending on the valuation, I mean, like, opening I had a trillion, that seems high, anthropic maybe lower. I mean, they're planning to raise the $300 billion. What's the multiple on that prior to IPO? I don't know. But it's going to be interesting.

EJA, what is your take on the public offering? Well, before we do it, do you want to hear another crazy stat, Josh? You've been loving the 80% of 50%, right? It's such a huge number. Because the number of tokens is going straight, vertical. And if they're owning a majority of that, that's huge. Well, not only that, like the percentage of those tokens that are just going towards vibe coding is increasing. It five-xed over the last 12 months from 12% to 50%. But get this. If you look at just Claude Code siloed as its own product, it is the new quickest product to reach $1 billion in annual recurring revenue.

They did it in under six months. that title now is owned by Anthropic. Yeah, that's insane. And the numbers are not going, they're not slowing down. That was the thing, like the 1 million to 100 million, 100 to a billion,

billion to 10, 10 to 70. It's outrageous. I mean, according to that number, 40% of all tokens generated, they don't need to spend as much money because they're getting the Google TPUs and TPUs are two thirds more efficient than GPUs. So they can do this all at a lower cost

and they have this efficiency. And the company is, it's presumably smaller at scale in terms of employees. And it is this whole perfect storm if you are into code and if you are bullish on code for Anthropic. But Josh, what's the bear case for this? Like, how will Anthropic, like, this sounds all great if it pans out like it is. But I feel like there's a few obstacles that Anthropic kind of needs to navigate before it kind of like fulfills that sentiment.

Do you have a bear case for us? I mean, the bear case for me at least is that they're just good at code. You don't really want to use Cloud for anything else. may be writing. But again, it doesn't have, they have no diffusion model. They have no real-world physics engine. They don't really process things multimodally. They don't do images or videos or voice really. And they kind of have small signs of this here and there, but they are really hyper-fixated on this one thing. And that is to their benefit because they earn this monopolistic advantage in the marketplace. But in the case that there is an innovative breakthrough, let's say

Ilya, who works at Safe Superintelligence, basically a funded research lab that has raised tons of money with no product. Their only job is to come up with unique innovations in how you create models to grieve you better outputs. And if a company like Ilius comes out with the breakthrough that is able to leapfrog anthropic in terms of how well it's able to code at a cost per token that's lower, I mean, that completely shatters the business model. So there is a lot of fragility built into this. The upside to this is that, well, they're a enterprise company. They're not really selling to us. I mean, sure, their users are developers and coders, but they're oftentimes, you can think of kind of like an AWS, their enterprise sales software. It's going to companies. And companies are

slower to move and to pivot. So they are building this moat. So I think the bare case is probably that coding isn't a sticky moat and they're one breakthrough away from having this moat crumble. But in the case they're able to retain this moat, which is 40% of all tokens, they are in really good shape going forward. I'm curious if you agree, disagree where you're kind of stand on I agree with you on the delivery part. I'm not convinced that Anthropic is going to be the one to turn that a vision of coding to a femoral UI that we described earlier towards the end consumers, the end users. I don't think they're like a consumer product company. I think they're more developer oriented and enterprise oriented as you described.

But I don't think that's a bad thing at all because the more that I think about it, Josh, I see coding. as a very necessary substrate to build AI apps. So in the same way that Nvidia GPUs, and they own the market monopoly on those, are the substrate needed to build the AI model in the first place. I think Anthropics coding capabilities, their coding engine, will be the substrate needed to build any and all future AI apps.

And people will kind of like, as long as they maintain this monopoly, kind of pay the pipe piper, they'll pay the toll, in order to get access to frontier level coding AI. And I guess at the very end of the limit, the final question would be, is there going to be apps?

Like I think about Open AI's hardware device next year where there's no screen. And like, I don't know, it's going to be weird. But I think we could probably leave it at that where Anthropic is doing good things. And this is kind of like the explainer as to why they are more important than I think most people perceive ourselves included.

I mean, prior to doing the research for this episode, I was much more bearish on Anthropic just because of the sentiment around them. They were kind of known as the decelerationists. And I didn't love that. They were super into safety. And while that's still true, they are undeniably generating tremendous amounts of real world value for people like us, for companies like Google and Amazon, and for the whole world who writes code. So in that, you have to admire what they're doing and the growth of this unbelievably impressive company. I mean, that's really, that's all it is.

That's anthropic. Yeah, well said. Now, for the astute listeners of this show, some of this information might have sounded familiar to you, but that's because you read our essay in our record-breaking newsletter, which was released two weeks ago where we wrote about the Bull Case Forenthropic. If you guys aren't signed up or subscribed to the limitless newsletter, you definitely need to. We'll link to it in the description below. And for the 80% of you that still aren't subscribed, but watch this show week in, week out. It would mean the wall to us if you subscribe and sign up. Josh, do you have any latest stats for a subscriber account? I saw that we were up like a couple hundred over the last couple of days. We're getting subs quickly. So thank you for subscribing. Please, if you have not, press the button and turn on the bell next to it, which will, it'll actually notify you every time an episode comes out. The three times a week, we try to keep them short. If you watch all three episodes per week, there is not much that

you're missing in the world of AI. You are caught up at the front team. In fact, you are even in front of the frontier because EJAS, like you said, a lot of times in the newsletter or sometimes in these episodes, you will hear us talk about. And I'm very proud of this point because I'm like, okay, we're actually doing it. You'll hear us talk about these things prior to them being the mainstream news. Like even just last week, we had our space episode about AI data centers. And over the weekend, it became this huge fallout where Kathy Wood was talking about it. Elon was talking about it. They were building new thesis. And we had just discussed the entire bullcase for it earlier in the week. So if you want to be early, if you want to be

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