{ "generatedAt": "2026-10-22T15:41:06Z", "disclaimer": "Analysis and opinion, not investment advice.", "kind": "company", "slug": "anthropic", "name": "Anthropic", "ticker": null, "url": "https://deepstack.ltd/companies/anthropic/", "api": "https://deepstack.ltd/api/v1/entities/companies/anthropic.json", "summary": "Anthropic is named in 12 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.", "parts": [ { "part": 1, "headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 2, "headline": "SpaceX Is Funding an AI Bet Before the Proof", "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "part": 3, "headline": "The Machines Will Work. The Debt Might Not.", "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/" }, { "part": 4, "headline": "AI Spending Has Met Its First Real Bill", "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/" }, { "part": 5, "headline": "OpenAI and Anthropic Are Not the Same Business", "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/" }, { "part": 7, "headline": "The Fed Hiked. The Long End Still Climbed.", "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/" }, { "part": 8, "headline": "AI Lenders Are Financing the End of Scarcity", "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/" }, { "part": 10, "headline": "The Bubble Is in the Denominator", "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/" }, { "part": 12, "headline": "The Model Is Not the Price", "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/" }, { "part": 14, "headline": "The Cash Arrives Unevenly", "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/" }, { "part": 16, "headline": "The Seller Holds the Paper", "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/" }, { "part": 17, "headline": "The Guarantee Has No Date", "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/" } ], "numbers": [ { "value": "$1.25B", "label": "Monthly Anthropic contract", "context": "Through May 2029, as documented by Kevin Gee", "part": 2, "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "value": "142%", "label": "Anthropic quarterly growth", "context": "Quarter on quarter, Q2 2026", "part": 5, "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/" }, { "value": "$559M", "label": "Anthropic adjusted income", "context": "Michael Spencer; preliminary June quarter 2026", "part": 5, "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/" }, { "value": "$4 vs $10", "label": "Anthropic's Opus 5.5 list price per million input tokens, against OpenAI's GPT-6 Astra", "context": "Charlie Hills, Sep 27, 2026; the frontier undercut by 60%", "part": 12, "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/" }, { "value": "A quarter", "label": "Share of Anthropic's 2025 revenue that came from two customers", "context": "Mia Silverio of Prof G Markets, Oct 5, 2026; 47% of sales ran through Amazon and Google", "part": 12, "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/" } ], "mentions": [ { "part": 1, "section": "Lede", "excerpt": "In late May, Apollo was raising $38 billion of debt to put Google’s TPUs, not Nvidia’s GPUs, behind Anthropic.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 2, "section": "The customer test", "excerpt": "And the demand exhibit is a signed contract rather than an inference: Kevin Gee documents Anthropic’s agreement to pay SpaceX $1.25 billion a month for compute through May 2029, roughly $45 billion in total.", "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "part": 2, "section": "The customer test", "excerpt": "Anthropic is itself raising $30 billion at a $900 billion valuation.", "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "part": 2, "section": "What 2027 must prove", "excerpt": "Anthropic’s monthly commitment is a signed customer contract, and Starlink generated $4.4 billion of operating income last year.", "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "part": 3, "section": "Demand has teeth", "excerpt": "His checklist is substantial: token demand is up roughly 17,000-fold in four years; DeepSeek raised token prices despite a strategy built on undercutting; combined OpenAI and Anthropic revenue run rates crossed $110 billion in July; and Morgan Stanley put hyperscaler returns on AI capital expenditure at 25 to 46 percent.", "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/" }, { "part": 4, "section": "The tape picks winners", "excerpt": "We would be wrong if Alphabet’s higher 2027 budget lifted the stock, operating cash flow caught up with capital spending, and the next financing for OpenAI and Anthropic showed durable revenue without widening credit terms.", "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/" }, { "part": 5, "section": "Lede", "excerpt": "Anthropic grew 142 percent.", "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/" }, { "part": 5, "section": "Lede", "excerpt": "The slow laboratory went from $5.7bn to $6.7bn, according to Michael Spencer; Anthropic reached $11.6bn.", "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/" }, { "part": 5, "section": "Lede", "excerpt": "Anthropic is still collecting a premium where enterprise coding turns model use into recurring work.", "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/" }, { "part": 7, "section": "AI meets the rate", "excerpt": "Apollo, relayed by DeepValue Capital, assumes hyperscaler operating cash flow triples from $600 billion to $2 trillion, with OpenAI and Anthropic accounting for more than half of a $2.3 trillion backlog.", "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/" }, { "part": 8, "section": "Who writes the checks", "excerpt": "OpenAI and Anthropic were running at a combined $105 billion of annual revenue in July, $40 billion and $65 billion respectively.", "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/" }, { "part": 8, "section": "Cash, or a loop", "excerpt": "Ed Zitron said Alphabet, Amazon, Meta and Microsoft have together spent over $1 trillion on Nvidia GPUs, mostly to win the business of OpenAI and Anthropic, two companies they also help fund and that both lose heavily.", "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/" } ], "sides": [ { "part": 2, "question": null, "side": "the-number-is-real", "sideLabel": "The number is real", "claim": "Selling frontier-model inference is extraordinarily profitable: on a GB300 cluster, OpenAI and Anthropic can generate over 100 billion dollars per gigawatt-year of revenue against roughly 12 billion of rental cost.", "date": "2026-08-07", "url": "https://newsletter.semianalysis.com/p/spacex-10gw-in-2027-why-its-real", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/", "sidesUrl": "https://deepstack.ltd/sides/spacex-after-the-ipo-exit-liquidity/" }, { "part": 5, "question": null, "side": "openai-commoditized", "sideLabel": "OpenAI: commoditized", "claim": "Michael Spencer predicts Anthropic will achieve AI supremacy status in 2027 and by 2030 will have no comparable peer competitor, not Google, OpenAI, DeepSeek, or Alibaba.", "date": "2026-08-20", "url": "https://www.ai-supremacy.com/p/we-have-never-seen-an-anthropic-before-2026-revenue-ipo", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/", "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/" }, { "part": 5, "question": null, "side": "openai-commoditized", "sideLabel": "OpenAI: commoditized", "claim": "In June 2026, the Commerce Department suspended access to Anthropic's Fable 5 and Mythos 5 models for all non-US persons, invoking export-control authority, with practical effect of a global suspension that lasted under three weeks before…", "date": "2026-07-30", "url": "https://fiscal.ai/fund-letters/massif-capital-llc-q2-2026-fscl_document_3AFW4FBM367", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/", "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/" }, { "part": 5, "question": null, "side": "anthropic-not-yet", "sideLabel": "Anthropic: not yet", "claim": "Anthropic's ARR grew from approximately $700 million in August 2024 to its current level, a roughly 93x increase in about two years.", "date": "2026-08-20", "url": "https://www.ai-supremacy.com/p/we-have-never-seen-an-anthropic-before-2026-revenue-ipo", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/", "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/" }, { "part": 5, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "As Devin and similar tools scale, they drive increased token usage of Anthropic's models, creating a compounding benefit to Anthropic.", "date": "2026-08-20", "url": "https://www.ai-supremacy.com/p/visions-of-ai-automating-repetitive-grunt-coding-tasks-2026-devin", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/", "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/" }, { "part": 5, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "Because OpenAI and Anthropic pay their bills with venture funding of which Big Tech supplies roughly 40%, revenue Big Tech books from them is partly recycled from itself and not real growth.", "date": "2026-08-11", "url": "https://www.profgmedia.com/p/plastic-surgery", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/", "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/" }, { "part": 5, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "If Big Tech depends heavily on OpenAI and Anthropic for revenue growth, that growth is unsustainable because both customers are massively unprofitable and may not survive.", "date": "2026-08-11", "url": "https://www.profgmedia.com/p/plastic-surgery", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/", "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/" }, { "part": 9, "question": null, "side": "still-a-demo", "sideLabel": "Still a demo", "claim": "Michael Spencer is not confident about Muse's odds of success, citing that only Anthropic has shown how to scale ARR so far in this Generative AI cycle, that the ratio of app downloads to actual users seems fairly low and suspicious, and that Meta…", "date": "2026-09-29", "url": "https://www.ai-supremacy.com/p/the-era-of-personal-super-intelligent-agents-muse-2026", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/", "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/" }, { "part": 9, "question": "who-collects", "side": "owner-of-the-agent", "sideLabel": "The owner of the agent", "claim": "Muse is gaining traction: as of that Friday it ranked No. 1 in Apple's App Store ahead of ChatGPT at No. 2, Gemini at No. 8, and Claude at No. 13, and since its September 8 unveiling Meta has added nearly $170 billion in market cap and is up 9%…", "date": "2026-09-21", "url": "https://www.profgmedia.com/p/a-new-ai-app-beat-chatgpt-to-no-1", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/", "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/" }, { "part": 10, "question": "who-writes-the-checks", "side": "not-the-customers-yet", "sideLabel": "Not the customers, yet", "claim": "Anthropic's expected ~$2 trillion IPO valuation is not justified by its numbers, given that it would need $1.2 trillion in annual revenue within 10 years (per Aswath Damodaran) to justify that valuation while the entire current AI products and…", "date": "2026-10-05", "url": "https://www.profgmedia.com/p/americans-are-turning-on-ai-anthropic", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/", "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/" }, { "part": 10, "question": "who-writes-the-checks", "side": "not-the-customers-yet", "sideLabel": "Not the customers, yet", "claim": "Anthropic's customer concentration is a risk for its $2 trillion valuation: nearly a quarter of its 2025 revenue came from two customers and 47% of sales ran through Amazon and Google, which is an acceptable problem for a small company but not for…", "date": "2026-10-05", "url": "https://www.profgmedia.com/p/americans-are-turning-on-ai-anthropic", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/", "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/" }, { "part": 10, "question": "who-writes-the-checks", "side": "everyone-soon", "sideLabel": "Everyone, soon", "claim": "OpenAI's combined annualized revenue with Anthropic reached $105 billion (OpenAI $40 billion, Anthropic $65 billion) in July 2026, which is nowhere near the figure needed to support the modeled 2027 buildout, and this understates the true gap since…", "date": "2026-09-21", "url": "https://hypertechinvest.com/p/the-math-behind-the-next-ai-rally", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/", "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/" }, { "part": 11, "question": null, "side": "a-backlog-is-a-promise", "sideLabel": "A backlog is a promise", "claim": "There is a chain where NVIDIA sells chips to hyperscalers, hyperscalers' capital spending depends on the future health of OpenAI and Anthropic, and both are currently losing substantial sums, with OpenAI's revenue growth having slowed relative to…", "date": "2026-09-09", "url": "https://realeismanplaybook.substack.com/p/inside-ais-fragile-ecosystem-with", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/", "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/" }, { "part": 12, "question": null, "side": "the-frontier-is-still-paid", "sideLabel": "The frontier is still paid", "claim": "Reported revenue acceleration at the two leading model companies — an annualised run-rate said to go from USD 1 billion at end-2024 to USD 9 billion at end-2025 to almost USD 50 billion in May this year at Anthropic, with a similar trajectory at…", "date": "2026-07-20", "url": "https://fiscal.ai/fund-letters/longriver-investment-partners-limited-q2-2026-fscl_document_8HDF9YVG683", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "the-frontier-is-still-paid", "sideLabel": "The frontier is still paid", "claim": "Tae Kim anticipates a close back-and-forth for model leadership between OpenAI and Anthropic over the next six months, expects another Anthropic model release before or around its IPO, and predicts both American frontier labs should do great once…", "date": "2026-10-02", "url": "https://taekim.substack.com/p/openais-undeniable-resurgence-and", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "the-frontier-is-still-paid", "sideLabel": "The frontier is still paid", "claim": "Tae Kim argues the earlier media consensus that OpenAI had fallen too far behind Anthropic was wrong, and that OpenAI pivoted resources to agentic coding after Anthropic's December lead, largely caught up by April, and arguably surpassed Anthropic…", "date": "2026-10-02", "url": "https://taekim.substack.com/p/openais-undeniable-resurgence-and", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "the-frontier-is-still-paid", "sideLabel": "The frontier is still paid", "claim": "Oguz Erkan says the concentration of the LLM market is still unknown: OpenAI and Anthropic take the lion's share of token dollars but their share of token volume has been declining, so the LLM market could be far more fragmented in 3-5 years, which…", "date": "2026-09-13", "url": "https://www.capitalist-letters.com/p/booking-holdings-deep-dive-an-attractive", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "the-frontier-is-still-paid", "sideLabel": "The frontier is still paid", "claim": "Wyndo recommends trying open-weight models if a user keeps hitting usage limits on Claude or ChatGPT, or wants to lower the cost of certain tasks, since some work may run well on an open-weight model while saving the subscription for tasks where…", "date": "2026-09-13", "url": "https://aimaker.substack.com/p/claude-code-free-openrouter", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "open-weights-set-the-price", "sideLabel": "Open weights set the price", "claim": "Anthropic is far ahead of OpenAI pre-IPO, both in model quality and ARR, and that lead should only accelerate with IPO proceeds heading into its November IPO.", "date": "2026-10-01", "url": "https://www.ai-supremacy.com/p/ai-frontier-google-gemini-4-argon", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "open-weights-set-the-price", "sideLabel": "Open weights set the price", "claim": "Steve says the AI story probably continues as long as token growth keeps rising, and identifies a price war between Anthropic, OpenAI and the Chinese models as the main risk that could change it.", "date": "2026-09-28", "url": "https://realeismanplaybook.substack.com/p/what-the-ai-boom-looks-like-from", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "the-filing-sets-the-price", "sideLabel": "The filing sets the price", "claim": "Circular financing distorts the picture: hyperscalers and NVIDIA have committed roughly $180 billion to OpenAI and Anthropic, which pledge about $1.1 trillion of compute spending back to them against far smaller revenues, and $53 billion of…", "date": "2026-07-15", "url": "https://fiscal.ai/fund-letters/distillate-capital-partners-llc-q2-2026-fscl_document_3BZX2NEX647", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "the-filing-sets-the-price", "sideLabel": "The filing sets the price", "claim": "Alphabet's reported 112% Google Cloud backlog growth is suspect because a new category of unknown size — TPU system sales contracts — was added to cloud backlog in the last six months, and one of the largest TPU customers is Anthropic, in which…", "date": "2026-09-24", "url": "https://michaeljburry.substack.com/p/capital-cycle-iq-and-the-forensic", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "the-filing-sets-the-price", "sideLabel": "The filing sets the price", "claim": "OpenAI's combined annualized revenue with Anthropic reached $105 billion (OpenAI $40 billion, Anthropic $65 billion) in July 2026, which is nowhere near the figure needed to support the modeled 2027 buildout, and this understates the true gap since…", "date": "2026-09-21", "url": "https://hypertechinvest.com/p/the-math-behind-the-next-ai-rally", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "the-filing-sets-the-price", "sideLabel": "The filing sets the price", "claim": "Anthropic looks likely to file for an IPO soon, and it will want to do that while token usage numbers are still near their peak, before the picture gets less flattering.", "date": "2026-09-21", "url": "https://realeismanplaybook.substack.com/p/stock-picking-in-difficult-times", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "the-filing-sets-the-price", "sideLabel": "The filing sets the price", "claim": "The AI trade's foundations are shaky because roughly seventy percent of the hyperscalers' AI revenue traces back to just two customers, OpenAI and Anthropic, both of which are burning enormous amounts of cash, so if either stumbles the entire…", "date": "2026-09-21", "url": "https://realeismanplaybook.substack.com/p/stock-picking-in-difficult-times", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "OpenAI is in deep trouble in 2027 due to pressure in consumer AI from Meta and SpaceXAI, pressure from Chinese open-source models on cost and token marketshare, and being late to IPO while being overtaken in ARR and growth by Anthropic in…", "date": "2026-09-29", "url": "https://www.ai-supremacy.com/p/the-era-of-personal-super-intelligent-agents-muse-2026", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 12, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "Michael Spencer argues that in 2026 Chinese open-weight models are taking serious market share from incumbents like OpenAI and Anthropic, because the Chinese labs are only a few months behind the frontier and shortening release gaps mean even…", "date": "2026-09-11", "url": "https://www.ai-supremacy.com/p/ai-insights-is-ai-adoption-slowing-down-ai-risk-debate", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 14, "question": null, "side": "the-cash-still-covers-it", "sideLabel": "The cash still covers it", "claim": "Anthropic itself is not borrowing the money; it is the hyperscalers (he names Meta, Google, Amazon, Microsoft, Oracle) who are borrowing to use Anthropic's products, so if Anthropic were to go bust, that would be an equity problem rather than a…", "date": "2026-09-17", "url": null, "linkVerified": false, "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/", "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/" }, { "part": 16, "question": null, "side": "the-loan-is-a-bridge", "sideLabel": "The loan is a bridge", "claim": "Reported revenue acceleration at the two leading model companies — an annualised run-rate said to go from USD 1 billion at end-2024 to USD 9 billion at end-2025 to almost USD 50 billion in May this year at Anthropic, with a similar trajectory at…", "date": "2026-07-20", "url": "https://fiscal.ai/fund-letters/longriver-investment-partners-limited-q2-2026-fscl_document_8HDF9YVG683", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "the-loan-is-a-bridge", "sideLabel": "The loan is a bridge", "claim": "The latest US AI lab models, GPT-6 Astra and Claude Fable 5.1, are priced at $10/$50 per million tokens, a similar band to GPT-4 ($30/$60) and Opus 3 ($15/$75) at their respective releases, leading Market Sentiment to conclude there is a separate…", 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