Ep. 041 - EMERGENCY: Anthropic’s S-1 Is Here (Tokenomics/ Markets) | Doug O’Laughlin, Jeremie Eliahou Ontiveros, Joey Brookhart, Jordan Nanos

Anthropic filed its S-1: revenue per dollar of compute is up 5.2x since Q1 2025, a customer who spent $1 last year now spends $9, and incremental gross margins are running near 90%. Jordan Nanos (@JordanNanos), Doug O'Laughlin (@fabknowledge), Jeremie Eliahou Ontiveros (@JeremieEO) and Joey Brookhart (@SaasquatchC) break down profitability, the half trillion in compute commitments, customer concentration, the 2027 compute roadmap, and whether OpenAI can keep up.

0:00 Cold Open
0:53 Profitability
2:10 The Datacenter View
4:14 Compute Commitments
6:28 Incremental Margins
8:19 Customer Concentration
12:00 Top Customers
16:53 New Funding
18:54 Underpromise, Overdeliver
20:25 Elon and Neoclouds
25:14 Compute Efficiency
29:40 Can Anyone Catch Up?
33:26 Surprises and Runway
37:47 Market Reaction
39:02 Holiday Usage
42:56 Is OpenAI Cooked?
48:44 Government Revenue
50:45 Wrap-Up