🔮 Anthropic’s S-1 in charts

The author discusses Anthropic's S-1, arguing it shows the company is no longer a lab but a business with satisfied customers, cash flow and a war chest, though it doesn't answer whether it can sustain the growth rate needed to pay for promised compute. Growth remains very high but is slowing, with more than 80% of current revenue coming from models six months old or less, and the company might slip into a marginal loss in Q3 because of payments to its foundation. A detailed AI Investment Brief analysis covers six key questions across 39 charts, and customer concentration is said not to be a major issue.