Anthropic has built a fast-growing business largely by selling its AI services based on how much customers use them. And—as the company’s landmark IPO prospectus revealed Monday—customers are using a lot of Anthropic’s AI services right now.
That’s the good news. The less-good news is that Anthropic is highly dependent on outside partners for the computing power to run its services. And as Monday’s prospectus also made clear, the disparity between the agreements through which Anthropic buys computing power, and the way it sells its AI services to customers, means it could get badly squeezed if business conditions change.
