Anthropic S-1 did not disappoint:
TL;DR - exponential growth or they die.
-$518B in reported compute commitments, ~80% payable whether used or not (whoa)
-$132B cash
-$81B H1 net loss, mostly noncash. Adjusted operating margin actually +10%
-Explicit warnings about AI resisting shutdown, blackmail, and human extinction
-Founders retain 50.1% voting control
Now I'm focused on the compute payment schedule and insider unlock dates. $518B of commitments against $132B cash = goblin mode.
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S1s always contain unleaked bangers. Look out for:
-goblin mode compute commitments
-p(doom) risks
-“community adjusted EBITDA”
-forward financing needs that far exceed available capital
-unlock dates (CA real estate trade)
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