The real headlines here:
- $450B of non-cancellable cloud commitments over the next 10 years >> the revenue gravy train cannot stop or Anthro is toast.
- 20% of revenue is from just 2 customers >> If their highly concentrated customers get smart and start looking at low cost (meta, grok, google) or open weight (nvidia, inkling, reflection) models it's all bad news for Anthro. This isn't happening now but it's the sort of thing that barely moves until it moves all at once.
As others have mentioned $72b of $80b headline is a non cash (but still relevant) accounting line.
- 20% of revenue is from just 2 customers >> If their highly concentrated customers get smart and start looking at low cost (meta, grok, google) or open weight (nvidia, inkling, reflection) models it's all bad news for Anthro. This isn't happening now but it's the sort of thing that barely moves until it moves all at once.
As others have mentioned $72b of $80b headline is a non cash (but still relevant) accounting line.