Anthropic's S-1 has just been released. Three things headlines could go wrong: 1. Cash. $112 billion in cash plus $19 billion in short-term investments. One of the strongest balance sheets ever. 2. "Losses." The $80 billion net loss is $72 billion in non-cash accounting charges—the book cost of Anthropic's own valuation increase. The actual operating loss is $693 million on revenue of $16.3 billion (first half of 2026). Near breakeven, approximately 14x annual growth. 3. Computing bet. They've committed up to $120.5 billion to SpaceX AI by 2029—approximately $3.1 billion per month when full delivery begins in December. Computing is their biggest cost, and they've locked in a massive supply: each new generation of GPUs allows the same amount of spending to buy more. From here, the cost curve bends downwards. Revenue: $41 million → $386 million → $4.6 billion → $16.3 billion, within six months.