Editor’s Note: For nearly two decades, Whitney Tilson managed money for wealthy investors – growing a hedge fund launched from his spare bedroom into a firm running more than $200 million. Today, at least five billionaires follow his daily research notes. Now, he’s revealing what he believes is Warren Buffett’s final “hidden” legacy move – and three ways to get in early before a newly-IPO’d power company lights the blue touchpaper. See below for the details…
Dear Reader,
I think we can all agree Warren Buffett is one of the greatest investors who ever lived.
He compounded his money at around 20% a year for six decades…
By turning a dying textile mill into the most famous holding company on Earth – one valued at $1 trillion today.
But hardly anyone is paying attention to what I believe is his final – and least understood – bet in the market.
The details are all laid bare in a story ex $200M hedge fund firm manager Whitney Tilson calls “Project Vulcan”… and what it says about Buffett’s last bet is truly astonishing.
For years, Berkshire has been quietly building a dominant position in a niche type of energy production to fuel the AI build-out…
A fuel source The Economist says is “better than nuclear.”
And one the International Energy Authority predicts could be flooded with over $2.5 trillion of investment in the next decade.
It’s been overlooked by mainstream investors for years.
But an imminent power station switch-on – slated for this October – could be about to light the blue touchpaper in this sector.
And now Whitney is sharing all the details on this story… including three ways you could potentially profit before the big money piles in.
Get the full details on Whitney’s 3 “Project Vulcan” plays now.
Sincerely,
Matt Weinshenck
Publisher and Director of Research, Stansberry Research
P.S. The clock started ticking on this opportunity the moment Buffett handed the keys to his empire over to his hand-picked CEO. Watch my presentation now so you don’t get left behind.
Anthropic Wants $2 Trillion. Here Is What the Books Say.
The date is on the calendar. Anthropic could begin formally marketing its IPO during the week of November 9, potentially allowing the company to start trading before the Thanksgiving holiday on November 26. Prospective investors believe Anthropic could be valued at between $1.8 trillion and $2 trillion in the IPO. That would more than double the $965 billion post-money valuation Anthropic carried after closing its Series H round in May 2026. The question every serious investor must answer before the roadshow begins: does any of this arithmetic hold up?
The Bull Case
The revenue trajectory is hard to dismiss. The company reported 2025 revenue of approximately $4.6 billion, a significant increase from $386 million in 2024. That is twelve-fold growth in a single year, not a trend line that politely extrapolates from a large base. It comes from a standing start in enterprise AI and suggests real adoption, not promotional pricing.
The headline loss figure misleads. Despite this growth, Anthropic posted a net loss of nearly $42 billion, driven primarily by more than $34 billion in fair value liability changes and an operating loss of more than $8 billion. Strip the accounting charge and the actual operating cost of running the business was a bit over $8 billion against about $4.6 billion of revenue, painful, but consistent with every major cloud platform in its early scaling years. Anthropic ended 2025 with $20.28 billion in cash, cash equivalents and short-term investments, so there is no immediate liquidity crisis.
The strategic relationships are formidable. The biggest compute commitments are $111.1 billion with Google, $110 billion with Amazon and $31.4 billion with Microsoft, over seven to ten years. Amazon and Alphabet are not passive check-writers. But the exact size of their ownership stakes has not been publicly disclosed in a way that supports putting a $300 billion to $400 billion value on Amazon’s position or a $200 billion to $300 billion value on Alphabet’s at a $2 trillion IPO. What is clear is that they are structurally anchored to Anthropic’s success in a way that reduces the risk of the company losing access to compute or cloud distribution.
The Bear Case
The $518 billion compute commitment is not a growth plan. It is a fixed obligation. Roughly 80% of the $518 billion Anthropic has committed is described as non-cancelable or payable regardless of usage. That is a long-duration liability priced into a rising-rate world: the ten-year Treasury yield sat at 5.29% as of September 30, 2026, around its highest level since 2007 and roughly the highest close since 2002. Discounting future cash flows in that environment compresses any growth multiple sharply.
Customer concentration is a specific, quantifiable problem. Anthropic has disclosed that nearly a quarter of its revenue came from two customers, which it did not name. The filing also showed that Anthropic’s revenue is highly concentrated, with two unnamed customers each accounting for 12% of last year’s revenue. Anthropic also warned that many of its largest customers are not tied into long-term contracts and could reduce or stop spending. A company priced at $2 trillion cannot afford a top-two customer defection.
The partner-competitor problem is structural, not theoretical. Amazon and Alphabet are not only major investors in Anthropic but also its critical suppliers of computing power and direct competitors in AI. Alphabet has Gemini. Amazon is building its own models on Trainium. Every dollar of Anthropic revenue that flows through their cloud marketplaces is revenue that could, at any moment, shift to a proprietary alternative. Investors are being asked to pay for independence that does not exist.
Where the Evidence Leads
The bull case rests on rate-of-change: revenue that grew twelve-fold in a year, with a plausible path to further acceleration as enterprise AI contracts mature. That argument is real. The bear case rests on structure: at least $518 billion of largely binding compute obligations, heavy dependence on a small number of major customers, and no long-term contracts with many large customers, all priced into a market where long-duration assets face a 5.29% risk-free hurdle.
The weight of evidence favors caution at $2 trillion. That valuation demands a level of revenue certainty the prospectus explicitly disclaims. A pre-IPO investor meeting has been reported for October 14 at Anthropic’s San Francisco headquarters, where institutional investors will have the opportunity to ask questions directly to company executives. What management says about the path to operating leverage and customer diversification will matter more than the roadshow pitch. Watch those answers, not the valuation range.
