Anthropic, the AI company behind Claude, has released the most detailed account of its business yet, as it prepares for its IPO. We break down the biggest surprises in its S-1 filing and explain what the numbers tell us about the AI bubble.

Then, Signal president Meredith Whittaker joins us in the studio to discuss the existential threat facing private messaging and end-to-end encryption. Between governments demanding backdoor access to private conversations and AI agents that can see everything on our devices, she warns, “we are looking at the elimination of the possibility to provide privacy.”