Ed Zitron argues Anthropic's IPO filing hides slowing growth behind a discounted Q2

Ed Zitron argues that Anthropic's S-1 is timed to present a compute-discounted Q2 2026, when it reported a $974 million profit, rather than the company that will actually go public. He cites roughly $269.4 billion in non-cancellable compute commitments to Google, Amazon, Microsoft and SpaceX, plus a further $125 billion to $150 billion in TPU obligations, and notes Q3 revenue growth slowed to 45% while compute costs rose 76.3%. He also points to 5% to 7% of revenue coming from customers later found to be distilling its models and a lock-up schedule that lets insiders exit quickly.