Diagram courtesy of Slopeofhope.com
Anthropic S1 IPO filing “leaked” or floated?
The Good: Revenue exploded from $386M to $4.6B in one year; demand for AI is clearly very real.
The Bad: $4.6B in revenue against $7.3B in compute costs alone; scale is exploding but the economics haven’t caught up.
Nearly 25% of revenue came from just two customers, and Anthropic acknowledges that many large customers aren't locked into long-term contracts.
The Ugly: $518B in future infrastructure commitments; as long as cheap money keeps flowing, party on—but if yields stay high and funding tightens, this gets interesting fast.
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