“They have about 5,300 employees. That's about as many as Snap has, but they're generating nearly eight times as much revenue as Snap does. So that's $6.6 million per employee. That's more than Meta, Alphabet, and Microsoft. Only NVIDIA is higher.”

…to take a look at this together. Mia, good to see you. You laid this out into three parts, this filing. You Need it the good, the bad, and the ugly. So let's just go in that order. I agree there are some good things in this filing. What did you identify as some of the good in the Anthropic IPO?

Which I think I agree with, right? I mean, it's hard to dispute that that's what's happening. I mean, like, I want to be skeptical of any AI washing BS where it's like AI has transformed the whole, but this, I mean, that's what the business is. And if it walks and quacks like a duck, it seems like…

Yeah. And I think this is fundamentally like an enterprise software business. And I think from a revenue generation perspective, like they are checking that box. Like they are, you know, selling a product that people clearly want, that people are willing to pay a lot for. And they're doing it with…

Yeah, but still, I mean, my understanding is two customers make up around 20%. That's still concerning to me. Like it's great that they have diversified. And it seems like those customers, I mean, it seems like these are startups that are venture-backed. And this is sort of the big question that a…