All-In on Anthropic's S-1: Sacks calls it "probably the biggest venture outcome of all time"

On the 30 October 2026 episode of the All-In Podcast, Jason Calacanis (LAUNCH), David Sacks (Craft Ventures), Chamath Palihapitiya (Social Capital) and David Friedberg (Ohalo) took apart Anthropic's S-1. The show also covered Google's roughly $500B market-cap drop after Q3 earnings, and the US midterms.

What's in the filing

As summarised on the show: Goldman Sachs and Morgan Stanley are leading the IPO, with a target date of 16 November. Anthropic aims to raise about $100B, which would make it the largest IPO ever. It reported $16.3B of revenue in the first half of 2026, has $112B in cash and projects $100B of ARR by year-end. Through a Class F share, its seven founders would hold 50.1% of the voting power.

David Sacks: "I think this is probably going to be the biggest venture outcome of all time, especially given the time in which this was created. I mean, this is only a six-year-old company." He added: "This is probably the fastest value creation of any venture-backed company in history."

David Friedberg pointed to the jump in customers spending $100K or more, from 200 at the end of 2024 to 11,900 at the end of September 2026, and estimated that Anthropic is "only 1% penetrated on their customer potential." He also said: "At the end of the day, a dollar that Nvidia spends turns into $18 that Anthropic is making selling to customers."

Chamath Palihapitiya said that the risk factors show "management is concerned really only about compute. This is a compute problem." On revenue, he said: "This is an incredible, incredible business... at the growth that they have and the revenue that they have, they have barely scratched the surface of the commercial working world."

Source: All-In Podcast: Anthropic S-1 Shocker, Greatest Business Ever? Google's $500B Wipeout, Midterm Predictions (YouTube, 30 Oct 2026)