The Real Protagonist of ‘The Big Short’ Explains Why He Said ‘Stop’ to Anthropic’s IPO

Why Is This Important?

Behind the AI services we use in our daily lives exists a massive financial market where trillions of dollars are in motion. IPO (Initial Public Offering), a term commonly heard in the news lately, refers to the process by which a private company registers on the stock market and sells shares to the general public and investors for the first time. Through this, companies raise massive amounts of capital to develop technology, and ordinary people get the opportunity to become shareholders.

However, Steve Eisman and his former colleagues, Porter Collins and Vincent Daniel, warn that the successive IPOs of large companies could flood the market with too many shares, burdening the entire existing stock market Steve Eisman’s ‘Big Short’ Partners Warn Anthropic, SpaceX IPOs…...

Most importantly, we must pay attention to this issue because it is directly linked to the health of the entire AI industry Anthropic, OpenAI Are the ‘Achilles’ Heel’ of the AI Trade: Steve…, ‘Big Short’ investor Steve Eisman says Anthropic and OpenAI are…. If problems arise with the financial stability of the core companies leading the AI industry, or if the bubble bursts, the pace of development for the AI services we use could slow down, or we could experience a major market correction.

Simple to Understand: The Anthropic Controversy Through Analogies

To understand Steve Eisman’s argument more easily, let’s use a few analogies.

1. A giant bridge relying on only two pillars: The “Achilles’ Heel” analogy

Imagine thousands of cutting-edge companies crossing a massive, flashy bridge called the “AI Market.” However, there are only two main pillars supporting this bridge: OpenAI and Anthropic Anthropic, OpenAI Are the ‘Achilles’ Heel’ of the AI Trade: Steve….

Eisman points out that the success of the entire AI market is overly concentrated on the performance of these two companies. Just as the hero Achilles in Greek mythology collapsed after being wounded in one spot on his heel, Eisman calls the two companies the ‘Achilles’ heel’ (fatal weakness) of the entire AI ecosystem Anthropic, OpenAI Are the ‘Achilles’ Heel’ of the AI Trade: Steve…. This means if either one of them falters, the entire AI ecosystem could be at risk.

2. A supercar with broken acceleration: The “Growth Slowdown” analogy

What if a seller put an astronomical price tag on a top-of-the-line sports car, but the precision inspection report showed that its acceleration had noticeably decreased? According to data presented by Eisman, Anthropic’s quarterly revenue growth rate plummeted from about 147% in the second quarter to around 45% in the third quarter Steve Eisman Says Anthropic’s Growth Fell From 147% to 45% …. While 45% is not low growth, for a company trying to be recognized for a multi-trillion-dollar valuation, the slowdown of explosive growth is a very serious warning sign.

3. A student hiding their report card: The “Intentional Information Concealment” analogy

A company preparing to go public must show a transparent report card to investors. However, Eisman criticizes Anthropic for omitting the most recent third-quarter financial data from its IPO filings Big Short Investor Steve Eisman Takes Aim: Anthropic’s IPO …. He argues that this is not a mere mistake but a “very intentional action” to hide their latest report card, which shows a decline in growth rates “Very Intentional”: Steve Eisman Thinks Anthropic Is Hiding ….

Current Situation and Market Reaction

1. Massive IPO and Skepticism

Anthropic’s expected valuation is currently reported to be as high as $2 trillion “Big Short” Investor: One Company Could Break The AI Boom | ‘Big Short’ investor Steve Eisman says Anthropic and OpenAI …. This level even exceeds the scale of the recently hyped SpaceX IPO “Big Short” Investor: One Company Could Break The AI Boom | ‘Big Short’ investor Steve Eisman says Anthropic and OpenAI …. Eisman has also previously shown a skeptical view of SpaceX, citing increasing capital expenditures, AI-related losses, and excessively high valuations Why SpaceX IPO has failed to convince a ‘Big Short’ investor Steve….

2. The Threat of Cheap Chinese AI

Eisman points out that Chinese AI models, which offer good performance at very low prices, are being supplied to the market in large quantities ‘I’d Be Petrified’: Steve Eisman Says Cheap Chinese AI… - 24/7 …. “If I were in that position, I would be truly terrified,” he warned, suggesting that price-performance competition could threaten the high valuations of Anthropic and OpenAI. This is the same principle as a premium brand being pushed aside by an affordable and practical product.

3. A Jab at “Fear Marketing”

Meanwhile, Eisman bluntly dismissed the appearance of some AI companies emphasizing safety by claiming “AI could threaten humanity” as “Garbage” Steve Eisman Calls AI ‘Terminator’ Fears ‘Garbage’: If You&a…. He argued that if companies were genuinely concerned about the dangers of AI, they should delay their IPOs, criticizing the intention to inflate technology valuations by stimulating fear Steve Eisman Calls AI ‘Terminator’ Fears ‘Garbage’: If You&a….

Future Points to Watch

1. Transparency of Data Disclosure: The key is how Anthropic will disclose its third-quarter financial report card in future procedures. If the actual performance is confirmed, a correction in valuation could occur.
2. Strengthened Verification by Investors: Blind investment based on “it’s AI, so it must be good” will decrease. Investors who carefully analyze revenue models and actual cost structures will increase.
3. Acceleration of Price-Performance Competition: If affordable AI models, including those from China, increase their market share, Western AI companies must simultaneously solve the two challenges of price cuts and proving profitability.

The AI Perspective

Steve Eisman’s warning is by no means a pessimistic view that “AI technology is useless.” Rather, it is advice not to forget the fundamental principle of investment hidden behind innovative technology: “Is a company’s valuation truly justified by its performance and transparency?” The wisdom to verify the real report card hidden behind grand future blueprints is the attitude that we, the readers, must adopt in the AI era of great transformation.

References

1. Steve Eisman - Wikipedia
2. Steve Eisman’s ‘Big Short’ Partners Warn Anthropic, SpaceX IPOs…..
3. Anthropic, OpenAI Are the ‘Achilles’ Heel’ of the AI Trade: Steve…
4. ‘Big Short’ trader Steve Eisman: It’s very clear Anthropic’s revenue…..

5. [“Very Intentional”: Steve Eisman Thinks Anthropic Is Hiding Something

   ZeroHedge](https://www.zerohedge.com/news/2026-10-29/very-intentional-steve-eisman-thinks-anthropic-hiding-something)

6. Google News - Steve Eisman says Chinese AI models pose market…
7. ‘I’d Be Petrified’: Steve Eisman Says Cheap Chinese AI… - 24/7 …
8. Big Short Investor Steve Eisman Takes Aim: Anthropic’s IPO …
9. “Very Intentional”: Steve Eisman Thinks Anthropic Is Hiding …
10. Steve Eisman Says Anthropic’s Growth Fell From 147% to 45% …

11. [“Big Short” Investor: One Company Could Break The AI Boom

    ‘Big Short’ investor Steve Eisman says Anthropic and OpenAI …](https://www.youtube.com/watch?v=PJrq_bw7bPc)

12. ‘Big Short’ investor Steve Eisman says Anthropic and OpenAI are…
13. Steve Eisman Calls AI ‘Terminator’ Fears ‘Garbage’: If You&a…
14. Why SpaceX IPO has failed to convince a ‘Big Short’ investor Steve…