I am not sure how the IPO is going to go.

Tokens themselves are already a bit of a commodity, and the margins are gonna be fierce on these as there is not a whole lot of lock in.

Would Anthropic and OpenAI position themselves using their extra tools, their ai agents, presentations, docs. Are they nice; yes. However, that doesn't make a 2T company. It reminds me a bit of Dropbox, a truly great product, however, they're differentiation is simply not there. I think the momentum is there for the IPO to go decent, but it feels like the company is on such unstable ground that the fallout could be catastrophic.