A thick paper IPO prospectus lying open on a glass boardroom table with a towering stack of invoices casting a long shadow across its pages, a glowing holographic dollar figure hovering above, wide shot from a low angle, cool blue key light from an overhead screen mixed with a warm amber glow from a desk lamp on the right, deep shadows across the polished glass, shallow depth of field.

Anthropic's $800bn Compute Bill Lurks Behind IPO Hype

By Oliver BennsOctober 28, 2026

Anthropic's S-1 filing ahead of a potential $2tn IPO leaves out the numbers that matter most. The company has locked in more than $800bn in future compute commitments, including $110bn with Amazon, $115bn with Google and $161bn with Broadcom, none of which hit the current income statement. Sequential revenue growth also collapsed from 147% in Q2 to roughly 45% in Q3 as the industry's token-maxing binge faded, with reports the firm cut prices by about 50% to defend market share. The headline $80bn first-half net loss, by contrast, is a quirk of convertible-note accounting rather than operating reality.

Waymo Laps the Field as Tesla Scrambles to Catch Up

Waymo now runs 500,000 paid autonomous rides a week across 15 US cities, roughly seven times Tesla's robotaxi mileage. Tesla has gone fully driverless in six cities and is rolling out purpose-built Cybercabs that cost about $25,000 to produce, against more than $100,000 for a Waymo. Amazon's Zoox trails with around 100 vehicles in two cities, while Uber is piggybacking on partners in five.

Lidar Supply Chain Emerges as AV Security Flashpoint

About 95% of passenger-car lidar sensors used in autonomous vehicles are manufactured in China. The components are already banned for US military use, and congressional bills would extend the ban to civilian vehicles, opening a sizeable opening for domestic sensor makers. Car rental firms are also positioning for the fleet-servicing opportunity, with Hertz last week launching a new business line to maintain autonomous vehicles.

CoreWeave's 15% Debt Costs Threaten AI Buildout

CoreWeave's debt is trading at yields near 15%, a level that makes financing new AI data centres economically prohibitive. The company's model depends entirely on raising debt to build capacity, leaving it exposed if credit markets tighten further. A backstop from Nvidia remains possible, but without one the buildout plan looks difficult to sustain.