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AI Costs Are Spiraling Out of Control

The Pope just published an AI encyclical — and Anthropic was on stage

The Rundown: Pope Leo XIV today released his first papal encyclical — titled Magnifica Humanitas ("Magnificent Humanity") — centered on the protection of human dignity in the age of artificial intelligence. Anthropic co-founder Christopher Olah appeared on stage alongside the Pope at the presentation. The Vatican's choice to share the platform with Anthropic — and not Google or OpenAI — is being read as a deliberate signal about which lab the Church considers a credible partner on AI safety.

The details:

• The document was signed by Leo XIV on May 15 — exactly 135 years to the day after Pope Leo XIII signed Rerum Novarum, the foundational Catholic social teaching on workers' rights during the Industrial Revolution. The parallel is deliberate: Leo XIV is explicitly framing AI as the defining labour and dignity challenge of our era.

• The encyclical calls for AI to serve rather than supplant human purpose, and echoes many of the safety principles Anthropic has publicly committed to — including the idea that AI development must be guided by human values, not just capability.

• This is the same week Anthropic closed a $30 billion funding round at a $900B+ valuation — surpassing OpenAI's $852B figure for the first time — and reported it is on track for its first-ever operating profit at $10.9B in Q2 revenue.

• OpenAI is simultaneously preparing to file its confidential S-1 with the SEC, targeting a September IPO. The two most consequential AI companies in the world are going public in the same quarter.

Why it matters: Three things happened today that, individually, would each be significant: Anthropic crossed a trillion-dollar valuation trajectory, OpenAI filed for the most anticipated IPO in years, and the Vatican published its first doctrinal position on artificial intelligence — with Anthropic in the room. The convergence of institutional, financial, and moral authority around AI in a single news cycle signals something most technology stories never achieve: the technology has moved from industry conversation to civilisational reckoning..

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AI news highlights

• OpenAI files confidential S-1 — September IPO target at $852B–$1T valuation
• Anthropic Q2 revenue: $10.9B — up 130% from Q1, October IPO at $900B target
• SpaceX S-1 drops a bombshell — Anthropic paying $1.25B/month to SpaceX for GPU compute through 2029
• Google reimagines Search with AI — biggest change in 25 years announced at I/O 2026
• Meta cuts 8,000 jobs today — 7,000 more reassigned to AI teams, $500M+ annual savings
• Chinese models hit 60% of OpenRouter usage — biggest threat to US AI IPO valuations
• Musk loses OpenAI lawsuit — court rules for-profit conversion was legal
• Nvidia forecasts $91B Q2 revenue — announces $80B stock buyback, AI chip demand still roaring

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That’s a Wrap

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