Anthropic's (https://www.cnbc.com/2026/06/01/anthropic-ipo-s1-prospectus.html) landing before OpenAI exposes the real forensic problem in AI infrastructure — when capital intensity outpaces unit economics, IPOs become desperation plays, not exits. The filing screams: "We need cash NOW, not later." Compare that to the energy sector's baseline: $XOM generates 7.1% free cash flow margins on $249.9B annual revenue, while burning minimal cash on R&D.

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