Silicon Valley Is Selling Miracles—Here’s How to Tell Hype From Value

Anthropic filed an S-1. If you saw that headline floating around your feed on October 30, 2026, and thought “cool, but what’s an S-1 and should I care?” — that’s actually the right question to ask. Let’s break it down, because this one sits at the intersection of two things that tend to make investors do silly things: AI hype and IPO fever. 👀

**What actually happened**

An S-1 is the registration document a company files with the