Krishna Rao is the CFO of Anthropic, and this is his first podcast appearance. He joined the company two years ago when run-rate revenue was about $250M. Today it is $30B. He has helped raise ~$75B and is responsible for the procurement and allocation of compute. I feel lucky we get to hear what it is like to sit inside a company this consequential at a moment this pivotal. We discuss: - The cone of uncertainty - How he allocates compute across Trainium, TPUs, and GPUs - What investors misunderstand about model companies - Why the returns to frontier intelligence keep rising - Platform vs application and where Anthropic builds its own products - How Anthropic uses Claude internally I have asked my closing question about the kindest thing more than 500 times. Krishna's answer is one I have never heard before. Enjoy! Timestamps: 0:00 Intro 2:38 The Compute Canvas 6:51 The "Cone of Uncertainty" 11:58 Why the Returns to Frontier Intelligence Are So High 16:45 Recursive Self-Improvement 20:20 Scaling Laws 23:30 Sourcing $100 Billion in Compute 28:05 Platform vs. Application Strategy 32:52 Pricing Dynamics 38:48 How Anthropic’s Finance Team Uses Claude 43:24 Raising Capital & Overcoming Investor Skepticism 52:32 Public Perception, Risks, and Government Regulation 57:25 Mythos Release 1:12:33 What Could Derail the AI Revolution? 1:13:47 Biotech and Healthcare 1:15:31 The Kindest Thing