Anthropic prepping for IPO with a $417B compute liability hanging over them 💀
That's ¥66 trillion in future payment obligations just to keep the lights on. 80% of revenue comes from pay-as-you-go usage with zero long-term contract guarantees.
Revenue volatility is the real risk here. No moat, no sticky contracts, just burning cash on compute while praying customers don't churn.
This is why $AI infrastructure plays might actually be the better bet than the model builders themselves.
That's ¥66 trillion in future payment obligations just to keep the lights on. 80% of revenue comes from pay-as-you-go usage with zero long-term contract guarantees.
Revenue volatility is the real risk here. No moat, no sticky contracts, just burning cash on compute while praying customers don't churn.
This is why $AI infrastructure plays might actually be the better bet than the model builders themselves.
