Anthropic’s S1 Breakdown Overall, fairly solid all things considered: 1) ~10,000ish customers paying $100K per year. That’s nothing, much more room to grow. 2) Cash levels are strong, and Anthropic has more cash than most public companies. 3) Capex obligations are less than OpenAI 4) Anthropic’s spend on R&D is nearly 60% of Revenue. If they cut that to 50% they would be breakeven. (They have levers.) 5) Anthropic is getting financing from its suppliers and Blackstone and bank syndicate groups. 6) Anthropic’s ‘losses’ are due to accounting around the converible note So, Anthropic has access to financing both from its own operations and well capitalized third parties. I am interviewing @MParekh about Anthropic’s S1 and what it means this week! What I don’t like: 1) Hard to see training and inference breakout 2) Top customer concentration is massive. And those players can roll out their own coding tools and are working on that too. Anthropic needs to maintain the best technical edge so it customers don’t become competitors. 3) Switching costs are low.