Anyone can go and look at the S-1 filing to see under the hood or check out what financial analysts say about it. Total collapse is not likely (right now) for various reasons within it.

The article has the ultimate answer to your question: if they don't build revenue to match the massive investments they've committed through 2045, they go bankrupt.

Long term bubble or not, everyone involved in (selling during) this IPO is going to have made off like a bandit well before that. This includes earlier investors like Amazon, if the stock price goes above $59 per share and their convertible notes can be exchanged for equity.

The full S-1 is over 300 pages. Here's a summary example that appears to be free if you're interested in some details: https://sec-api.io/insights/anthropic-ant-s-1-ipo-sec-filing-analysis (fair warning: this one reads like AI was involved)

Any pleb hoping for a collapse is a moron. Recessions/depressions always hurt the non right MORE. The wealthy buy up all the devalued items from the remaining remnants of the middle class and get even more rich from it when the economy finally recovers.