Anthropic S-1: Race, Choice or Flywheel?

An analysis of Anthropic's S-1 filing models the company's valuation, compute capacity, and unit economics heading toward 2030. The author examines how compute is divided between customer serving and research, noting that a large majority of the fleet is directed toward training and research rather than inference. The piece also details Anthropic's financial commitments to major cloud hyperscalers and questions who will ultimately purchase hundreds of billions of dollars of frontier tokens. Open article →