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The open secret that could undermine Anthropic’s IPO

The Australian Financial Review (AFR) •
October 28, 2026 • 10:31 PM
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While investors digested projections hedged by warnings about threats to humanity, Anthropic also faces danger from the rising popularity of open-weights models.

The open secret that could undermine Anthropic’s IPO

Amid the headline-grabbing warnings about existential risks to humanity from artificial intelligence, or China using Claude to hack global targets, Anthropic slipped details of a far more mundane threat into its IPO filing. The rising popularity of so-called open-weight models mean most companies may not buy the advanced frontier capabilities the AI giant is spending billions to invent.

The rise of these AI models, built by companies other than Anthropic and rival OpenAI, is one of the biggest threats in the corporate market, where AI giants and their investors expect the bulk of profits will eventually flow.

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