Ed Zitron on Anthropic's IPO (S-1), AI Debt, and Counterparty Risk

Anthropic's leaked S-1 shows worse unit economics than OpenAI's, with massive compute obligations and reseller concentration creating systemic counterparty risk across credit markets.

• Anthropic worse than OpenAI: Anthropic spent $2.75 per dollar of revenue in 2025 (losing ~$8B on $4.6B revenue) versus OpenAI's $2.60, upending the narrative that Anthropic is the more stable lab.
• Customer concentration risk: About 47% of Anthropic's 2025 revenue came through resellers Google and Amazon, who also compete with it via Gemini and in-house models.

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