Anthropic’s IPO is finally here; the core business is very profitable, but competition may eat all of the profits, even as investors are set up for endless dilution.

The old Internet, where anyone could host a server is over, but it’s just the final blow in an ending that has been coming for years. The future, though, is brighter than it appears.

Sharp Tech is, for the first time, available on video. You have two ways to consume it: YouTube, and here on Stratechery ...

An interview with Craig Moffett about SpaceX, from launch to broadband to mobile, plus how he is applying the lessons of the dot-com bubble to today. Subscribe to Stratechery Plus for full access.