I believe they’ve pushed back the ipo. I always figured that frontier labs were going to be very vulnerable against tech giants that had actual profitable businesses to fund their AI work.

The amount of total funding Anthropic or OpenAI has raised individually is like a year of ebitda for Google, meta, or Microsoft. And it doesn’t look like there’s a real moat outside of money

They pushed back the IPO because their finances are a mess and they don't have any models that can give them a decisive edge. Astra was touted as AGI and got crushed by Opus 5.5 two weeks later. That's not the type of thing that fills investors with confidence.