More or Less #115 Anthropic at $170B: Should Unicorns Be Forced to IPO?
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Sep 5, 2025 This week, the hosts tackle Google’s unexpected antitrust win and the frenzy of AI mergers and acquisitions. They debate if unicorns should be forced to go public and reveal why lawyers are now raking in more cash than bankers. The conversation shifts to the nuanced relationship between creators and algorithms and the rising popularity of Ozempic for weight management. A quirky idea surfaces: an AI petty-lawsuit bot that could disrupt legal markets, underscoring the bold potential of tech in today’s economy.
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Don't Force IPOs By Valuation
- Avoid forced valuation-based IPO thresholds because rules get legally gamed and arbitrary lines invite lawyer-driven workarounds.
- Sam recommends letting sophisticated private actors accept the risks rather than imposing rigid public-listing mandates.
Prefer Revenue Over Valuation For Thresholds
- Use revenue or real business metrics, not headline valuation, if regulators insist on a public threshold.
- Brit suggests a revenue threshold (e.g., $10B) better indicates a mature, real business.
AI Fundraises Rely On Ever-Hungry Capital
- Massive private fundraising creates fragile narratives that only break with a better investment story or profitability.
- Sam argues capital-hungry AI firms survive until a superior investment or sustainable margins appear.