Anthropic has filed to go public, and for the first time anyone can read what a frontier AI lab earns, what it spends and who controls it. Magnus Oxenwaldt reads the filing as a supplier document. Revenue has grown more than thirteenfold in a year. Nearly half of it arrives through the cloud marketplaces. A trust elects most of the board.
In the same week Microsoft said customer demand still exceeds supply. Google built the top-ranked model in the world and kept it for cyber defenders. Three labs gave three different answers on who should get models with frontier hacking skill. The business lesson: treat AI providers as strategic suppliers, know who you actually contract with, and build on the tier you can buy.
Highlights:
• Anthropic's S-1: sixteen billion dollars in half-year revenue, a first operating profit, and a loss that is mostly accounting
• Forty-eight percent of Anthropic's revenue comes through cloud marketplaces: who is your contract really with?
• Microsoft: demand still exceeds supply. Google Cloud more than doubles
• Gemini 4 Carbon tops the rankings and stays gated; GPT-6.1 Terra ships at half the price
• Anthropic's red team shows an unreleased model building working attack chains
• Four questions for your AI roadmap: what breaks first if your supplier changes?
Two books. Two different questions.
AI Don't Fix Stupidity asks what the organisation has to become. AI Don't Make You Smarter asks who you have to become inside it.
Books and formats: https://oxenwaldt.com/books
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