Anthropic S-1 update shows $895.4B in compute commitments

An updated Anthropic S-1 filing discloses $895.4 billion in cloud and data center commitments. Revenue is up, but growth is slowing.

Why it matters: Commitments of this scale against slowing growth are the central risk in frontier-lab economics: fixed infrastructure obligations must be covered by revenue that still has to grow. It ties into Big Tech's heavy capex and debt raising. Public investors will now price that gap directly.