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Structural disclosure analysis of Anthropic’s pre-filing landscape: 999 counterparty filings naming a company that has filed nothing, the ~$35 billion SPV financing the Google-TPU build-out, the equity rate at 516,068 shares per billion, and the judgment calls the S-1 will make about what the record already holds. Grounded in audited financials and primary filings.
Cape Fear Advisors has published three pieces analyzing Anthropic’s pre-filing landscape, beginning with the SPV reconstruction and advancing through the judgment calls the S-1 will face and the equity rate that prices what a billion dollars of AI infrastructure commitment costs in stock. The work reads across Amazon, Google, Broadcom, SpaceX, CoreWeave, Akamai, Apollo, and IREN filings to reconstruct a picture whose disclosure spreads across companies because the arrangements spread across companies.
What the Next Billion Costs
Anthropic, Adding It Up: The Judgment Calls
Anthropic, the Financing Before the Filing
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