Hard Fork · Friday, October 2, 2026
A leaked S-1 filing from Anthropic shows that two unnamed customers account for nearly 25% of its revenue. The filing also details an immense spending on compute infrastructure, with $7 billion spent last year and obligations of $518 billion in the coming years, alongside a risk factor acknowledging AI could 'kill us all.'
“Two unnamed customers make up nearly 25% of their revenue, which for me was like, who? Obviously, one of them is Eli because he's turned over his whole life to everything. But who is the other one? Is it the DOD? Is it meta?”
“Anthropic, which is about to launch Probably the largest IPO of all time, the most valuable and the biggest raise, is selling itself as having the most transformative product since electricity or the internet or industrialization with a risk factor saying that it could kill us all. Like, buy our stock. Awesome. You might die anyway.”
“They spent seven billion dollars on compute last year. That's not a real loss. It's kind of an accounting thing. But yeah, I mean, this business is growing super fast and it's spending an insane amount of money. They're going to spend $518 billion on compute infrastructure obligations in the coming years.”