Daniel Ang @DanielAngDaky - Twitter Profile

I also covered the revenue number that may be 8 billion dollars smaller than what is being quoted. And why Anthropic's own CFO said the company might not remain profitable for the full year. Full breakdown here: https://t.co/65PuSREYj4

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Daniel Ang

@DanielAngDaky

about 15 hours ago

Amazon put 8 billion dollars into Anthropic. That stake is now worth 74 billion. Before you could buy a single share. The IPO is targeting above 1 trillion. That is already more than what last week's institutional investors paid. Those investors got months of financial access and private negotiation. You are being asked to pay more. For less information. Here is what the timing tells you. In May 2026, Anthropic projected its first-ever operating profit. 559 million dollars. 12 days later, the S-1 filed.Every headline treated those as two separate events. They are not two separate events.Anthropic's largest cost is 1.25 billion dollars per month. SpaceX compute. That deal includes a discounted opening rate. It covers May and June 2026. Exactly Q2. The first profitable quarter exists because the biggest cost is temporarily subsidized. By Elon. Whose other company is xAI. Anthropic's supposed competitor. The rivals are financially codependent. There is a governance structure sitting above all of this. Five unelected people who hold the right to appoint a majority of Anthropic's board. Their obligation is to the long-term benefit of humanity. Not to you. There is also a kill switch. Investors can dissolve the Trust the moment it costs them money. Either the safety mission is genuine and your financial interests can be legally overridden. Or the kill switch makes the mission largely symbolic. One of those has to be true. Both cannot be. You will not find out which one until the Trust and the shareholders want different things for the first time. I keep coming back to one number Anthropic has not disclosed in any pre-IPO materials. Not once.

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Daniel Ang

@DanielAngDaky

about 15 hours ago

TLDR Amazon's 8 billion dollar stake is now worth 74 billion. Before retail gets access. Anthropic's first profitable quarter: 559 million dollars in Q2. The largest cost is subsidized by SpaceX at a discounted rate. That discount expires after 180 days. The first quarter without the subsidy will show whether the 70 percent gross margin holds. There is a governance Trust with 5 unelected directors. It has a kill switch. But the two prior structures like this both collapsed when pressure arrived. Harvard Law looked at every comparable structure in history. Both prior examples ended with the mission being dismantled. Anthropic has not disclosed its NRR. Not once. That number tells you more about Snap vs Palantir than anything else in the filing.

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