Anthropic literally kept its biggest number out of its IPO filing for a week, and it turned out to be $895 BILLION in bills. If you were thinking about buying this stock, that's literally the number you should care about most. When Anthropic filed publicly on October 26, the line for its total purchase commitments had an empty space where the dollar figure should be. The amended filing out today fills it in: $895.4 billion, almost all of it for computing power and infrastructure. About $448 billion comes due by the end of 2030, and roughly $70 billion over the next 12 months. Anthropic brought in about $17 billion last quarter. That means it has signed up for bills worth almost 13 times its yearly revenue. And the same filing shows the squeeze has already started: - Revenue grew about 47% from the second quarter to the third, down from about 144% the quarter before. - Operating costs jumped to $17.5 billion from $10.6 billion. - Anthropic swung to a $567 million operating loss, after a $974 million operating profit in the second quarter. - Price cuts took about $600 million out of revenue between those 2 quarters. The filing gives the reason for the loss itself: A lot of Anthropic's compute was bought under short-term deals, and those currently cost significantly more than its multi-year contracts. So right now Anthropic is paying top dollar for computing power while charging its customers less. The cheaper long-term capacity it's waiting on is what most of the $895 billion pays for. That's the trade anyone buying at the $1.4 trillion to $1.5 trillion valuation being discussed is signing up for. Revenue has to grow fast enough to fill hundreds of billions of dollars of capacity, in the middle of a price war that's pushing down what Anthropic can charge. And the money behind all of it is getting harder to raise. The WSJ reported that OpenAI asked investors for $30 billion last week and had about $11 billion committed by Friday. The 2 biggest AI labs are now cutting prices against each other and chasing the same investors in the same month. Revenue is still up about 12 times from a year ago, Anthropic has $146.6 billion of liquidity, and on its adjusted numbers it still made a 15% operating margin. Most of the $23.3 billion net loss is an accounting charge on convertible notes, and about $2 billion of costs came from a non-cash charge tied to an employee donation matching program... But that adjusted margin fell from 19% to 15% in a single quarter, and the $895 billion stays exactly where it is no matter what the margin does. How much of the $895 billion can be canceled if demand slows? And in which quarter does the cheaper long-term compute finally replace the expensive short-term kind? Anthropic kept that number out of its filing for a week. I wonder why...