Browsing Tag

IPO

4 posts

Who Really Pays for Anthropic’s Chips? Inside Broadcom’s $63 Billion Financing Machine

A large round steel vault door standing open in a bright white wall, revealing rows of white server racks inside a clean, well-lit room
Bank of America, Blackstone, Citi and Morgan Stanley lend $63 billion to a new company that buys Broadcom chips and leases them to Anthropic. Broadcom guarantees the senior debt, may also lend Anthropic the rent, and already backstops a $35 billion deal from June. Who lends to whom, what secures the money, who carries the risk if AI usage slows, and what it means for companies and users.
View Post

Anthropic’s S-1, Read Critically: Seven Things the Prospectus Says That the Headlines Missed

An open bound document on a white marble desk with a brass magnifying glass resting on its pages, in a bright room with a pale blue wall and tall windows
A critical reading of Anthropic’s 415-page S-1, every point tied to a page: a founder share that never dilutes and a trust paid by the company it oversees, an $80.7 billion loss that prices deals with Amazon and Google, suppliers that finance their own customer, a compute bill of hundreds of billions with the total left blank, margins that depend on where costs are booked, executive pay tied only to the IPO, and where the filing is more candid than any tech prospectus before it.
View Post

Anthropic Files to Go Public. Its Own Prospectus Warns About the Technology It Sells

An open bound document on a white marble desk, its pages lifting into a flock of white birds flying out of a bright window into a blue sky
Anthropic’s S-1, read from the filing itself: $16.3 billion in first-half revenue, a first operating profit in Q2, an $80.7 billion mostly non-cash loss, compute contracts in the hundreds of billions with no total printed, a trust and a 50.1% founder share in control, and risk factors that warn of catastrophic AI risk. Press numbers checked against the prospectus, our May predictions graded, and what it means for companies and users.
View Post