Investor Gavin Baker said Anthropic’s growth remains very rapid even as marginal share flows to OpenAI, open-source models and Grok. On the Friday episode of the All-In Podcast, Baker said that if the reported $65 billion figure is accurate, its disclosure may have been intended to support Anthropic’s upcoming IPO roadshow. The information could help the company claim higher annual recurring revenue, or ARR (recurring revenue measured over a year), after expanding capacity between July and September. Baker said an IPO roadshow in September or October could be followed by leaks from OpenAI, which has been highly aggressive in securing computing capacity and is almost certainly taking significant share, to demonstrate faster growth. He expects substantial jockeying around the IPO. Baker also described the $65 billion figure as impressive for capacity-constrained Anthropic and the broader AI industry, even if Anthropic may be losing some share. He added that Codex users have nearly doubled over the past five weeks.