Leaked Anthropic IPO prospectus: $4.6B revenue, $518B in compute commitments

Anthropic's leaked IPO prospectus, reported by Fortune and picked apart all week, shows roughly $4.6 billion of 2025 revenue against heavy losses and about $518 billion of decade-long infrastructure commitments, most of them non-cancelable. The number founders should sit with is the ratio of compute obligations to revenue. The model vendors are betting the farm on demand; your pricing should assume they will fight hard for every workload, which is good news for buyers.