Anthropic S-1: 85% Margins, $600B in Commitments

We run Anthropic's leaked S-1 numbers through a Graham-Dodd lens: 85% inference margins, $100B+ in cash and $500-600B in compute commitments. Then we look at what a trillion-dollar AI valuation leaves for a patient investor's margin of safety before the IPO.

Chapters

(0:00) Anthropic Deep Value Research

(1:59) The Capital-Efficient Compounder

(2:37) Selling a Dollar for Ten Cents

(3:33) The Capital-Efficient Compounder

(3:53) Unprecedented Operating Leverage

(4:35) The Multi-Chip Moat

(6:39) Anthropic vs. the Field

(6:59) Unprecedented Operating Leverage

(7:39) Unit Economics and Customer Concentration

(11:50) Funding the Infrastructure Roadmap

(14:33) Key Risks and Margin of Safety

(15:12) The Mathematical Path to $1 Trillion

(16:13) Key Risks and Margin of Safety

(18:32) Anthropic vs. the Field

(19:35) The Verdict: Paving the Parking Lot

(20:17) The Mathematical Path to $1 Trillion

(21:25) The Verdict: Paving the Parking Lot

(22:51) Tools for Value Investors

(23:08) Get the free apps

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Deep Value Intelligence audits the numbers behind the headlines with a Graham-Dodd / Buffett lens: valuation discipline, cash generation, balance-sheet safety and return on capital. Don't guess. Calculate.

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