After weeks of speculation and leaks, Anthropic finally released the S-1 filing for its IPO, showing revenue of $16.3 billion for the first half of 2026, with a net loss of $80.7 billion.

At around the same time, former Yahoo CEO Marissa Mayer sparked a backlash after boasting about using her AI app Dazzle to answer questions about her daughter for a school presentation.

On this episode of TechCrunch’s Equity podcast, Kirsten Korosec, Sean O’Kane, and Anthony Ha dig into the long-awaited financial details behind one of the industry’s biggest companies, looking at both the enormous opportunities and the many, many risks. They’re also joined by Amanda Silberling to discuss a more basic question facing the industry: Are AI execs too out-of-touch to build products for normal people?

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify, and all the casts. You can also follow Equity on X and Threads, at @EquityPod.

Chapters:
00:00 Intro
2:47 Marissa Mayer’s Dazzle backlash
8:47 Product problem or messaging problem?
12:46 Anthropic’s S-1
15:09 Revenue growth, losses, and the acquisition spree
20:02 The S-1’s most notable risk factors
23:57 Apollo economist: where’s the AI payoff?
25:36 Bedrock Robotics raises $600M for self-driving excavators
30:12 Rebuild raises $2.1B for domestic manufacturing
34:11 Outro

The PHP scare may have faded from your feed, but the cleanup is far from over. Last week, two critical bugs in the open source language behind roughly 70% of websites left organizations scrambling to fix their systems, with some taking sites offline until the vulnerabilities could be patched. According to researchers who found the bugs, this is only the beginning, as AI changes how quickly novel vulnerabilities can be uncovered and exploited.

On this episode of TechCrunch’s Equity podcast, Rebecca Bellan talks with Tomer Schwartz, CTO of Exposure Management & AppSec at Google-owned Wiz, who was part of the scramble — alongside OpenAI, research group Calif, and the PHP team — to fix the bugs. On the show, Schwartz and Bellan get into what the race looked like from the inside, how early-stage startups can build with security in mind, and why patching by hand won’t scale.

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify, and all the casts. You can also follow Equity on X and Threads, at @EquityPod.

Chapters:

00:00 Intro

1:50 PHP2Shell explained

2:53 The patch scramble and how the vulnerability leaked

6:05 How AI helped Wiz uncover critical bugs

9:17 Which AI models are best at finding vulnerabilities?

12:10 The flaws in coordinated disclosure

15:12 Why some companies got an early heads-up

18:56 Why 12-year-old bugs are suddenly exploitable

22:00 Who’s still vulnerable and what companies should do now

24:16 The ‘vulnpocalypse’ and preparing for a future of constant security crises

27:13 From cybersecurity startups to Wiz and ServiceNow

29:42 Outro

Licube produces ultra-high purity lithium and lithium isotopes (Li-6 and Li-7), critical inputs for nuclear fusion and advanced materials. Watch their pitch from the Startup Battlefield Top 20 competition at TechCrunch Disrupt 2026 to learn why a supply chain most people never think about matters for the future of energy.

🔗 Learn more about Licube:

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Alumni include 1,700+ companies, among them Dropbox, Discord, and Cloudflare.

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