Anthropic’s business plan: Build God or die trying

An analysis of Anthropic's S-1 filing argues the company's roughly $850 billion in long-term compute and infrastructure commitments require breakneck revenue growth, with revenue up fourteenfold to $16.3 billion between the first half of 2025 and the first half of 2026 and $1.62 billion in adjusted income in the first half of 2026. The piece notes Anthropic's enterprise focus, 900 percent net revenue retention, and competition from OpenAI, Google and open-source models, and contends the plan depends on dramatic recursive self-improvement that may not be achievable.