Anthropic has overtaken OpenAI in revenue and Europe is emerging as a key AI battleground.

In this episode of Upside, Dan Bowyer (SuperSeed) and Lomax Ward (Outsized Ventures) break down a week shaped by AI momentum, capital concentration and macro uncertainty. They cover Anthropic’s rise, its enterprise focus and latest model, and whether current growth can justify the scale of AI investment.

They also explore the coming wave of mega IPOs and what it means for liquidity, alongside JPMorgan CEO Jamie Dimon’s shareholder letter on inflation, interest rates and private credit. The episode closes with climate investing’s shift towards energy security and the move to faster, software-led defence systems.

Key topics

Anthropic vs OpenAI: revenue growth, enterprise dominance and Europe expansion
Mega IPO wave: SpaceX, OpenAI, Anthropic and capital market strain
Jamie Dimon’s warning: inflation, rates and private credit risks
Climate investing shift: from ESG to energy security and resilience
Defence transformation: from legacy procurement to agile, software-led warfare

Timestamps

(00:00) Intro and macro setup

(05:00) Anthropic growth, Mythos and AI competition

(12:30) Positioning, ethics and enterprise adoption in AI

(22:00) Jamie Dimon letter: inflation and private credit

(29:00) IPO pipeline and capital constraints

(36:00) Climate and energy security shift

(42:00) Germany defence spend and modern warfare

(46:30) OpenAI moves, predictions and deals

E722 | Anthropic Overtakes OpenAI, IPO Wave Looms and Europe’s AI Moment

EUVC

E722 | Anthropic Overtakes OpenAI, IPO Wave Looms and Europe’s AI Moment