The Financial Engineering Essential for AI in 2027

Anthropic's Form S-1/A rolls financials through Q3 2026 ($17.0b revenue, +$8.6b operating cash flow) & reveals that $5.0b of short-term burst compute at $7 to $13 per GPU-hour lifted blended GPU-hour costs 82% in two quarters, flipping Q2's $974m operating profit into a $567m Q3 loss & driving $895.4b of long-term obligations.