As Anthropic moves toward what could be the largest in history, analyst Jay Goldberg of Seaport Research Partners has published the first coverage note on the AI company—but stopped short of assigning a buy, sell or hold rating. In an interview on Yahoo Finance, Goldberg outlined three reasons: there is no stock price yet to evaluate, the preliminary S-1 filing contains significant blanks, and he wants to hear management's roadshow presentation before forming a view.
Goldberg also highlighted unusual aspects of Anthropic's financial outlook and business structure. The company warned investors it expects to be profitable for roughly one or two quarters before returning to losses—a pattern that contradicts typical scaling narratives. He also noted that Amazon's AI revenue tie-in, described in the filing as "multifaceted and complex," obscures deeper questions about how much of the cloud giant's AI revenue actually originates from Anthropic's own customer base cycling back through Amazon's infrastructure.
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