Anthropic had barely submitted its prospectus when its third-quarter figures leaked: revenue of $17 billion, up 12-fold year over year. It’s still losing money, but losses narrowed by more than half from the previous quarter. Even more striking are its purchase commitments: computing contracts with Amazon, Google, and Microsoft totaling $895.4 billion, stretching through 2045. But institutional investors looking to buy into the IPO are pushing for a lower valuation, seeking $1.5 trillion—well below the $2 trillion previously discussed.