Short Thoughts: Anthropic’s S-1

Short Thoughts: Anthropic’s S-1

Round and round we all go: a short deep dive into Anthropic’s revenue and its obligations

Michael Burry

Oct 27, 2026

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There are many good teardowns of the Anthropic S-1 out there. Remarkable how fast they get done these days.

I will not repeat those here.

In the context of Cassandra Unchained and the body of work presented over the last year, the salient point comes down to the degree of risk in the system.

I created a visual in a similar style to my Apollo AMAP visual to demonstrate the circular revenue and other connections between Anthropic and those around it.

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