Anthropic Opens the Kimono, Bubble Questions and Frontier Costs, Q&A on Meta, Starlink, Brewers

Ben and Andrew begin with a salute to the world champion Milwaukee Brewers before turning to Anthropic’s S-1 as the company prepares for its public offering in November. Topics: Anthropic’s impressive margins, questions about the second half of 2026, how the company “lost” $80 billion in 2026, how compute will be paid for going forward, and an SEC disclosure that finally shows us the breakdown of training vs. inference costs. From there: Anthropic’s obsession with OpenAI, reactions to Craig Moffet’s questions about the AI bubble, understanding Meta’s AI spending as an echo of Anthropic’s S-1, a brief 1Password history, and Muse as the ultimate founder bet. At the end: An emailer wonders about Elon’s role in the Ukraine War, Ben sees You Can See Everything, and a few emotional thoughts on the Brewers World Series win.
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Anthropic S-1, The Cost of Compute, Who Is Paying? — Stratechery Update
An Interview with Craig Moffett About SpaceX and Bubbles — Stratechery Interview
An Interview with Palantir CTO Shyam Sankar About the AI Religious War — Stratechery Interview
Meta Earnings, Muse and the Frontier, Musebook — Stratechery Update
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