Although rumors of Anthropic's IPO cancellation were quickly debunked, the offering has in fact run into difficulty. At the critical junctures of S-1 filing and the roadshow, three key members of its core product Claude Code departed in succession. The latest prospectus shows a significant slowdown in growth, a swing from profit to loss, and nearly $900 billion in computing-power-related procurement and lease commitments. The company's valuation has been sharply cut from the previous $2 trillion in the private market to $1.4 trillion to $1.5 trillion, and Blackstone warns that its post-IPO credit rating will most likely be junk grade. Meanwhile, the industry chill is spreading: OpenAI's new funding round has substantially lowered its target size and valuation, with final subscriptions far short of the target, leaving a gap of nearly $10 billion still to be filled. The narrative of burning money for growth that has sustained the AI industry has failed, and the three-year AI investment frenzy is beginning to recede.