Anthropic's S-1 (IPO doc) says they will spend >$0.5T. Where is that money going to come from? The gap between the frontier and the open models isn't large enough to generate anything like that in operating profits. Debt markets are getting tapped out with AI debt. We are about to find out how much stomach equity investors have remaining. The fact that they might have trouble servicing their current and expected future debt comes as no surprise.
The S1 actually said it has $855B of commitment. Above $1T of you take in account some that don’t have fixed prices like extra TPUs and the Broadcom agreement. And that they will also build their own infrastructure, on top of that.