The big questions remaining after Anthropic’s blockbuster IPO prospectus

This report is from this week's The Tech Download newsletter. Like what you see? You can subscribe here. Anthropic's over 300 page S-1 filing earlier this week contained a lot of information. It was the most comprehensive public statement to date about how a pure-play AI lab makes its money. After the prospectus went live on Monday, my U.S.-based colleagues and I went through it with a fine-tooth comb , detailing everything from revenue and risks to competitors and computing costs. The filing also revealed that CEO Dario Amodei and his six co-founders each own over 200 million shares, which could be worth billions if Anthropic hits the over $1 trillion valuation it's expected to. Anthropic reported its cost of revenue as $2.