Anthropic is getting close to an IPO (rumor). This could be a very risky moment to go public. There is very little durable moat at the model layer. The lead can flip in a few months, tokens are becoming a commodity, and intelligence keeps getting much cheaper. A recent example is that GPT‑5.6 has put OpenAI back at the frontier. Ramp’s latest data also shows OpenAI API spend growing faster this quarter: 82% vs. Anthropic’s 76% in its sample. Another big pressure is coming from open and flash…