---
title: 'Anthropic *SUDDENLY* Delays IPO & Nscale IPO Looks BAD 2026-09-18 22:02'
source: 'https://youtube.com/watch?v=LV6_d7kaF8I'
video_id: 'LV6_d7kaF8I'
date: 2026-09-18
duration_sec: 1565
channel: 'Meet Kevin'
---

# Anthropic *SUDDENLY* Delays IPO & Nscale IPO Looks BAD 2026-09-18 22:02

> Source: [Anthropic *SUDDENLY* Delays IPO & Nscale IPO Looks BAD 2026-09-18 22:02](https://youtube.com/watch?v=LV6_d7kaF8I)

## Summary

The video discusses Anthropic's unexpected delay of its IPO and the concerning financial disclosures in Nscale's S-1 filing. The creator analyzes the reasons behind the delay, including market conditions and internal financial struggles, and highlights red flags in Nscale's audit and related-party transactions.

### Key Points

- **Anthropic IPO Delay Announced** [00:05] — Anthropic announced it is delaying its IPO until November, contrary to earlier plans for September. The announcement coincided with the release of Nscale's S-1 filing.
- **Insider Concerns** [01:38] — The creator suggests that insiders may be seeing negative financials or market conditions that are not public, prompting the delay. He questions whether Anthropic's financials are strong enough for a public offering.
- **Anthropic's Competitive Position** [03:15] — Anthropic's Claude models (Opus, Sonnet) have been performing well on leaderboards like OpenRouter, but the creator notes they are not always at the top, with competitors like DeepSeek and GLM also appearing.
- **Reasons for Delay** [05:28] — Possible reasons for the delay include safety concerns, the need for a bull run to maximize valuation, or waiting for more compute. The creator doubts safety is the real reason.
- **Revenue Projections** [06:16] — Anthropic expects to reach $100 billion in annualized recurring revenue by the end of July, but may wait until early next year to IPO to achieve a higher valuation.
- **Market Sentiment** [07:04] — The creator tracks market sentiment via YouTube comments, noting that bearishness peaked in May and has been accelerating downward in September, which may have influenced the delay.
- **Compute and Valuation** [07:40] — Anthropic expects to have 5 gigawatts of compute by the end of the year, up from 1-2 GW last year. At $20 billion per gigawatt, this implies a massive valuation, but the creator questions sustainability.
- **Investor Meetings** [09:01] — Anthropic held meetings with venture capital firms, technology banks, and investors, but walked away without a deal, suggesting concerns about the IPO's viability.
- **Nscale S-1 Red Flags** [10:09] — Nscale's S-1 filing discloses material weaknesses in internal controls over financial reporting, which is a significant red flag for investors.
- **Related-Party Deal** [12:21] — Nscale entered into a nearly $45 billion deal with Anthropic, which the creator finds suspicious and embarrassing, raising questions about the nature of the transaction.

### Conclusion

The video concludes that Anthropic's IPO delay and Nscale's financial disclosures raise serious concerns about the health of the AI sector. Investors should be cautious and scrutinize financial filings carefully.

## Transcript

the dip The dip Here we go Come on Push it by the dip. All righty Well this was unexpected it
First it was saying you know how about October We'll just file it in
plans to IPO until November And this announcement that Anthropic now delaying their IPO is coming on the the same day we got
the N scale S1 one drop Now remember the trying some things in there that are kind of like
stream Apparently now I'm I'm choking on myself So trying to went through the entire S1 document I'm going to go through
in there I'm like man where's all this money going to come myself are the Anthropic Financials that bad that they
preipo documents "Hey y'all might want to before you put this into the the market
on Like what are the insiders seeing that we're we're not best sample of that is probably stuff like the shenanigans that
to put it this way We're going to go go through that and
waiting for them to to IPO I'll show you why in just a moment here Uh keep in mind we do also have worshes balls that that
The coupon code over at mekev.com and the uh uh alpha you get that six months of terminal access as well when
at this The AI giant has been expected to stage a from September Now some of Anthropic's advisors advisors
startup time to share thirdarter financials that show a strong position Interesting that they want to wait until Q3 to quote
leading in kind of kicked their
when they were in in the lead They had the lead How' they have Claude Cowwork and and Claude Code which were an absolute boom
of the world Let's I freaking documents
to put these documents together So I bet you if Anthropic could they would have right after the April April ceasefire that we
long to get these documents together especially when you're to add so many more disclosures and risk factors and going
Nscale document in a moment But look at this Some of Enthra's time to share their Q3 financials Okay Again and this
rankings really quick So if I go to open router and I go to like clawed opus opus on the right side Like they're actually on
June I've got Claude in there If I go back to to group right Uh I've got
Claude Opus over here regularly on the leaderboard on Open recently I've got Deepseek I got GLM I got got GPT56 which is the
open weight Claude on that top side of the leaderboard
to hugging face I actually see that that Hugging Face argues LLM leaderboard this is sort of their benchmarking they still
GPT but at least when router I'm not really seeing them up there more I'm not seeing it right now So maybe they're trying to
some more growth or they're waiting for some more compute to important in just a moment Some people familiar with the timing
before the public warning from an anthropic researcher set set This is a whole safety concern I doubt that I think they're
they're losing so much money that they need need a bull run they're just going to make the the weak
purposely trying to time uh a top almost or or something where has already argued that they're going to wait to go public until
think OpenAI is just waiting for Anthropic to IPO so they could a surprise That's kind of old old news What's interesting
this delay the New York Times does a piece and says that billion in annualized recurring revenue this year That would be
billion at the end of July And so they're thinking hey on this 31st numbers we think we're going to have hundred billion
waiting until the beginning of next year but they might be IPO to come out Uh so hopefully they can IPO
have been nervous You got peak fear around Iran Obviously going on with Iran in terms of uh people and and their
more bearish I actually have a tracker tracker where what we'll YouTube com the people who leave comments on the YouTube section
that sentiment peaked somewhere around May and since accelerating its downturn here in September So you are getting
said Anthropic doesn't want that that bearishness They need basically Okay Anthropic also argues that they expect to
That's well up from the 1 to 2 gawatts they had at the end of uh last year And And if they're at 5 gawatts billion dollars of
depend on the timing of when some of those could this this is also a problem but it's something to
annualized recurring revenue and you have 5 gawatt of compute That's great Now you have have $20 billion per gigawatt of
compute Well Elon Musk is trying to charge $40 billion massively upside down If number They're trying to IPO off
sustainable but I'd like them to go go public so I could keep an coal mine But now they keep kicking the can down the road
reality they shut down and go I don't know man Y'all probably making that up either It's literally right here on Thursday
from venture capital firms technology and probably the IPO or whatever They've been been
banks and get commentary from investors from lenders had Andre Karpathy to go shillanthropic And apparently
yesterday in San Francisco Apparently they still walked away away from that going you know y'all might consider under your your belt I don't
know That doesn't sound bullish Then I'm like all already going through the can get in the MEaven
their IPO And I'm like "Oh well that's convenient I literally analysis." Here's what freaks me out There are a couple things
about Nscale First they bluntly disclose that they have good for these
bro company that I know his last name is Pay I'm not sure if it's Josh or
bro and they opened they switched to GPU compute in 2023 brilliant move like hats off Good move You guys took
you know what The boy to become a cryptomining GPUs and
and scale Now the company's got a thousand thousand employees So move But that doesn't mean y'all should have weak accounting
Like they are PCAOB audited But I want to be clear about that So these folks Okay we're
CAOB not say this You look at our last one a we don't have a
this In connection with our audit of their financial identified deficiencies we concluded represented material
reporting What combination of deficiencies
there is a responsible possibility that material prevented or detected on a timely basis That's sussy You
you should have pretty freaking clean financials in my opinion damn problem and this this one's even bigger than that Okay
very very important You can't ship But here's another problem What is this This is ridiculous
was very embarrassing embarrassing when I read this So entered into a deal for almost $45 billion with Anthropic And
than a week ago It was 3 weeks ago the the Enthropic