$ANT Anthropic has to pay hundreds of billions for compute whether they grow or not. To cover the compute they have already committed to, they need to keep growing fast. To keep growing they need that compute to actually come online. That compute means chips, the chips need data centers, and the data centers need a ton more power. But there isn’t enough grid power where it’s needed and new connections can take years. The data centers also need money to get built. Lenders are getting more selective and charging some borrowers more, which could slow how fast new data centers get built. If power and financing delay those data centers, Anthropic ends up short of the compute they need and that could slow their growth. But they are locked into paying for that compute for years. If growth slows, those commitments are still there so there’s less revenue than they were counting on and more of it goes to paying for compute. And from my reading of the S-1 those costs are expected to keep going up as more compute comes online. Would you buy this IPO?