{
  "generatedAt": "2026-10-08T17:44:57Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "company",
  "slug": "anthropic",
  "name": "Anthropic",
  "ticker": null,
  "url": "https://deepstack.ltd/companies/anthropic/",
  "api": "https://deepstack.ltd/api/v1/entities/companies/anthropic.json",
  "summary": "Anthropic appears in Part 1, Part 2, Part 3, Part 4, Part 5, Part 7, Part 8, Part 10 of The Buildout. Part 1: Nvidia’s Demand Is Real. Its Financing Is Fragile.; Part 2: SpaceX Is Funding an AI Bet Before the Proof; Part 3: The Machines Will Work. The Debt Might Not.; Part 4: AI Spending Has Met Its First Real Bill; Part 5: OpenAI and Anthropic Are Not the Same Business; Part 7: The Fed Hiked. The Long End Still Climbed.; Part 8: AI Lenders Are Financing the End of Scarcity; Part 10: The Bubble Is in the Denominator.",
  "parts": [
    {
      "part": 1,
      "headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.",
      "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "part": 2,
      "headline": "SpaceX Is Funding an AI Bet Before the Proof",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 3,
      "headline": "The Machines Will Work. The Debt Might Not.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "headline": "OpenAI and Anthropic Are Not the Same Business",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 7,
      "headline": "The Fed Hiked. The Long End Still Climbed.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    }
  ],
  "numbers": [
    {
      "value": "$1.25B",
      "label": "Monthly Anthropic contract",
      "context": "Through May 2029, as documented by Kevin Gee",
      "part": 2,
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "value": "142%",
      "label": "Anthropic quarterly growth",
      "context": "Quarter on quarter, Q2 2026",
      "part": 5,
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "value": "$559M",
      "label": "Anthropic adjusted income",
      "context": "Michael Spencer; preliminary June quarter 2026",
      "part": 5,
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    }
  ],
  "mentions": [
    {
      "part": 1,
      "section": "Lede",
      "excerpt": "In late May, Apollo was raising $38 billion of debt to put Google’s TPUs, not Nvidia’s GPUs, behind Anthropic.",
      "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "part": 2,
      "section": "The customer test",
      "excerpt": "And the demand exhibit is a signed contract rather than an inference: Kevin Gee documents Anthropic’s agreement to pay SpaceX $1.25 billion a month for compute through May 2029, roughly $45 billion in total.",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 2,
      "section": "The customer test",
      "excerpt": "Anthropic is itself raising $30 billion at a $900 billion valuation.",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 2,
      "section": "What 2027 must prove",
      "excerpt": "Anthropic’s monthly commitment is a signed customer contract, and Starlink generated $4.4 billion of operating income last year.",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 3,
      "section": "Demand has teeth",
      "excerpt": "His checklist is substantial: token demand is up roughly 17,000-fold in four years; DeepSeek raised token prices despite a strategy built on undercutting; combined OpenAI and Anthropic revenue run rates crossed $110 billion in July; and Morgan Stanley put hyperscaler returns on AI capital expenditure at 25 to 46 percent.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "section": "The tape picks winners",
      "excerpt": "We would be wrong if Alphabet’s higher 2027 budget lifted the stock, operating cash flow caught up with capital spending, and the next financing for OpenAI and Anthropic showed durable revenue without widening credit terms.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "section": "Lede",
      "excerpt": "Anthropic grew 142 percent.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "section": "Lede",
      "excerpt": "The slow laboratory went from $5.7bn to $6.7bn, according to Michael Spencer; Anthropic reached $11.6bn.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "section": "Lede",
      "excerpt": "Anthropic is still collecting a premium where enterprise coding turns model use into recurring work.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 7,
      "section": "AI meets the rate",
      "excerpt": "Apollo, relayed by DeepValue Capital, assumes hyperscaler operating cash flow triples from $600 billion to $2 trillion, with OpenAI and Anthropic accounting for more than half of a $2.3 trillion backlog.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "section": "Who writes the checks",
      "excerpt": "OpenAI and Anthropic were running at a combined $105 billion of annual revenue in July, $40 billion and $65 billion respectively.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Cash, or a loop",
      "excerpt": "Ed Zitron said Alphabet, Amazon, Meta and Microsoft have together spent over $1 trillion on Nvidia GPUs, mostly to win the business of OpenAI and Anthropic, two companies they also help fund and that both lose heavily.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    }
  ],
  "sides": [
    {
      "part": 2,
      "question": null,
      "side": "the-number-is-real",
      "sideLabel": "The number is real",
      "claim": "Selling frontier-model inference is extraordinarily profitable: on a GB300 cluster, OpenAI and Anthropic can generate over 100 billion dollars per gigawatt-year of revenue against roughly 12 billion of rental cost.",
      "date": "2026-08-07",
      "url": "https://newsletter.semianalysis.com/p/spacex-10gw-in-2027-why-its-real",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/",
      "sidesUrl": "https://deepstack.ltd/sides/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 5,
      "question": null,
      "side": "openai-commoditized",
      "sideLabel": "OpenAI: commoditized",
      "claim": "OpenAI grew revenue only about 18% quarter over quarter in Q2 2026 (from $5.7B to $6.7B), while Anthropic grew 142% quarter over quarter to $11.6B, showing OpenAI is slowing at the worst possible time just before its IPO.",
      "date": "2026-08-20",
      "url": "https://www.ai-supremacy.com/p/we-have-never-seen-an-anthropic-before-2026-revenue-ipo",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/",
      "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "question": null,
      "side": "openai-commoditized",
      "sideLabel": "OpenAI: commoditized",
      "claim": "Anthropic reported preliminary Q2 revenue of $11.5 billion and a projected adjusted operating profit of $559 million, and by the time it goes public it will be comfortably profitable, unlike SpaceX which spent $18.37 billion in capex against just…",
      "date": "2026-08-20",
      "url": "https://www.ai-supremacy.com/p/we-have-never-seen-an-anthropic-before-2026-revenue-ipo",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/",
      "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "question": null,
      "side": "openai-commoditized",
      "sideLabel": "OpenAI: commoditized",
      "claim": "In June 2026, the Commerce Department suspended access to Anthropic's Fable 5 and Mythos 5 models for all non-US persons, invoking export-control authority, with practical effect of a global suspension that lasted under three weeks before…",
      "date": "2026-07-30",
      "url": "https://fiscal.ai/fund-letters/massif-capital-llc-q2-2026-fscl_document_3AFW4FBM367",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/",
      "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "question": null,
      "side": "anthropic-not-yet",
      "sideLabel": "Anthropic: not yet",
      "claim": "Anthropic's ARR grew from approximately $700 million in August 2024 to its current level, a roughly 93x increase in about two years.",
      "date": "2026-08-20",
      "url": "https://www.ai-supremacy.com/p/we-have-never-seen-an-anthropic-before-2026-revenue-ipo",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/",
      "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "As Devin and similar tools scale, they drive increased token usage of Anthropic's models, creating a compounding benefit to Anthropic.",
      "date": "2026-08-20",
      "url": "https://www.ai-supremacy.com/p/visions-of-ai-automating-repetitive-grunt-coding-tasks-2026-devin",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/",
      "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Because OpenAI and Anthropic pay their bills with venture funding of which Big Tech supplies roughly 40%, revenue Big Tech books from them is partly recycled from itself and not real growth.",
      "date": "2026-08-11",
      "url": "https://www.profgmedia.com/p/plastic-surgery",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/",
      "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "If Big Tech depends heavily on OpenAI and Anthropic for revenue growth, that growth is unsustainable because both customers are massively unprofitable and may not survive.",
      "date": "2026-08-11",
      "url": "https://www.profgmedia.com/p/plastic-surgery",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/",
      "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 8,
      "question": null,
      "side": "cash-has-to-triple",
      "sideLabel": "The cash has to triple",
      "claim": "OpenAI's combined annualized revenue with Anthropic reached $105 billion (OpenAI $40 billion, Anthropic $65 billion) in July 2026, which is nowhere near the figure needed to support the modeled 2027 buildout, and this understates the true gap since…",
      "date": "2026-09-21",
      "url": "https://hypertechinvest.com/p/the-math-behind-the-next-ai-rally",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "Hyperscalers including Google, Microsoft, Amazon, and Meta have spent over a trillion dollars in capital expenditure on GPUs, largely to capture revenue from OpenAI and Anthropic, which they themselves continue to fund, creating a closed loop where…",
      "date": "2026-09-09",
      "url": "https://realeismanplaybook.substack.com/p/inside-ais-fragile-ecosystem-with",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "question": "who-collects",
      "side": "owner-of-the-agent",
      "sideLabel": "The owner of the agent",
      "claim": "Muse is gaining traction: as of that Friday it ranked No. 1 in Apple's App Store ahead of ChatGPT at No. 2, Gemini at No. 8, and Claude at No. 13, and since its September 8 unveiling Meta has added nearly $170 billion in market cap and is up 9%…",
      "date": "2026-09-21",
      "url": "https://www.profgmedia.com/p/a-new-ai-app-beat-chatgpt-to-no-1",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "not-the-customers-yet",
      "sideLabel": "Not the customers, yet",
      "claim": "There is an AI lab bubble, though not an AI bubble infecting the whole market, as shown by Nvidia's valuation having come down significantly; excessive excitement surrounds Anthropic and OpenAI because they are new and exciting even though they…",
      "date": "2026-10-05",
      "url": "https://www.profgmedia.com/p/americans-are-turning-on-ai-anthropic",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "everyone-soon",
      "sideLabel": "Everyone, soon",
      "claim": "OpenAI's combined annualized revenue with Anthropic reached $105 billion (OpenAI $40 billion, Anthropic $65 billion) in July 2026, which is nowhere near the figure needed to support the modeled 2027 buildout, and this understates the true gap since…",
      "date": "2026-09-21",
      "url": "https://hypertechinvest.com/p/the-math-behind-the-next-ai-rally",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    }
  ],
  "coverage": {
    "creators": 120,
    "claims": 2067,
    "texts": 746,
    "asOf": "2026-10-08"
  },
  "lastUpdated": "2026-10-08",
  "market": null
}