Nilay Patel

They're just doing ads.

They're trying to get you to buy shoes.

Anthropic is an enterprise company, so you don't see the commercial side of their business quite as much.

And so they can kind of hint that they think they're on the verge of the next stage of evolution?

We have to take another quick break.

We'll be back in just a minute.

We're back with Verge Senior Reporter Hayden Field.

There's a bigger picture here as well.

These companies have grown so big, with valuations so extraordinary, on top of plans to go public, that we're about to see a historic level of wealth generation for people in the AI industry.

That's not to say that any of these big AI firms are suddenly on the cusp of generating so much revenue that investors are going to get an actual return on their investment.

Big tech is set to spend almost a trillion dollars in CapEx this year, with nowhere near the revenue levels that would make a return on that anytime soon.

This goes beyond, say, the last explosion of companies going public.

Facebook went public in the early 2010s.

Lots of millionaires were made.

Generationally important companies went public.

But this is like a different level.

It's a different category of numbers even in terms of investment in and expected return out in these IPOs.

What are the timelines for OpenAI and Anthropic to go public?

Because they're raising a lot of money.

They're talking about a lot of money.