Dear Reader,
Anthropic just filed to go public at a $2 trillion valuation. In the first half of 2026, they made $16.3 billion in revenue. They also lost $80.7 billion in the same six months. That is a $4.95 loss for every dollar earned. Wall Street is calling it a success story.
Inside today's issue:
- The $80 Billion Lie: Anthropic's S-1 reads like the dot-com era all over again, but bigger and faster. The numbers are right there in the filing. Nobody is doing the math.
- The Token Collapse: Token prices fell 52% since May. The product is getting cheaper every quarter. The valuation is going the other direction. That gap always closes one way.
- The Exit Strategy: When insiders file an IPO, they are not building wealth. They are transferring it. The question is: to whom?
- Larry Benedict on Oil: Larry Benedict just released a new presentation on a strategy called "Oil Skimming." It's worth a look. (Brownstone Research)
THE $80 BILLION LIE
Let me show you the numbers CNN won't do the math on.
Anthropic made $16.3 billion in the first six months of 2026. That sounds impressive. Then you see the loss: $80.7 billion in the same period. Five dollars out for every dollar in. They call that "investing in growth." I call it burning your investors' money.
And the economics are getting WORSE, not better.
Since May 2026, the price per AI token has collapsed 52 percent. From $2.04 down to $0.96. Open-source models are eating market share at zero marginal cost. The product is getting commoditized in real time. Meanwhile, insiders are asking you to buy the stock at $2 trillion.
"Anthropic's potential $2 trillion IPO represents an unprecedented test of investor gullibility."
New Constructs values Anthropic at $150 billion. Not $2 trillion. One hundred and fifty billion. That is a 93 percent discount from the IPO price they are asking.
Michael Burry ran the same numbers. He noted that Anthropic's $2 trillion valuation equals the combined value of 78 S&P 500 companies. Real businesses. Profitable ones. Ones that generate cash.
I have seen this movie before. In 1999 it was Pets.com. Webvan. Broadcast.com. Revolutionary technology. Unlimited upside. Ignore the losses. The VCs cashed out. The insiders sold. Retail investors held the bag. The Nasdaq dropped 77 percent.
This is the same script.
But here is what makes this round more dangerous. The same technology they are selling you as an investment? It is eliminating white-collar jobs faster than factories eliminated blue-collar ones in the 1980s. Goldman Sachs estimated AI could automate 300 million jobs globally. That is not a future projection. It is already happening.
You lose your job to AI. Then Wall Street sells you the AI stock at $2 trillion. You pay for both sides of the trade.
History does not repeat. But it rhymes. And right now, it is rhyming very loudly.
Before I show you exactly where I am putting my attention while this bubble inflates...
SPONSORED: STANSBERRY RESEARCH
The single money move you can make for the chance to get rich
There's so much "AI money" flooding into San Francisco these days, that new millionaires have sparked a new real estate boom. Meanwhile, the same technology that's creating those fortunes, is coming with a cost for everyone else. If you're tired of watching insiders collect the biggest gains while everyone else gets the scraps, I've prepared a special briefing revealing the single money move you can make today to position yourself to come out on top.
THE PLAY
Smart money does not chase a company losing $80 billion every six months. Smart money looks at what the bubble is destroying.
When Anthropic goes public at $2 trillion, it will be one of the largest transfers of risk from insiders to retail investors in history. The founders own their equity. The VCs already marked their positions up. The investment banks collect fees on both sides. You get the stock at the top.
So what do I do instead?
I own things that hold value when paper assets crash. Gold has been money for 5,000 years. It cannot be diluted by a Fed rate decision. It cannot be made worthless by an open-source competitor releasing a free model. Silver is still deeply undervalued. Real estate generates cash. These are not exciting. That is the point.
When the dot-com bubble burst in 2000, the Nasdaq dropped 77 percent. Gold went from $270 to $1,900 over the next decade. A 603 percent gain. The internet was real. The valuations were not. AI is real. Anthropic's $2 trillion price tag is not.
The exit ramp is always there for those who see it early. Position yourself accordingly.
To your freedom,
Robert Kiyosaki
Author, Rich Dad Poor Dad
P.S. When the market crashed 37% in 2008, our friend Larry Benedict made $95 million for his clients. Now he is sounding the alarm on oil. He warns that high oil prices could strangle the U.S. economy. Yet where others see disaster, Larry sees one of the biggest opportunities in 40 years, and a way for regular folks to profit without owning a single oil stock. Watch the free presentation here.