$965 billion. That is the valuation at which Anthropic confidentially filed for an IPO on June 1, 2026, passing OpenAI to become the most valuable AI startup in history while still private.

The number that matters is not that one. It is the one underneath.

Anthropic has signed a compute pact with SpaceX that could reach nearly $45 billion by 2029 if neither side cancels, on top of its deals with AWS and CoreWeave. Run rate revenue of around $47 billion, up roughly five times in a year. The company expects its first profitable quarter in June 2026. The growth is real, and so is the bill to produce it.

Here is the hidden mechanism.The valuation prices the scarcity of frontier intelligence. The cost base prices the abundance of competition for the chips and data centers that make it. Compute is the largest line item, and it is the one the market does not yet get to read, because a confidential filing keeps the full numbers in the dark.

Michael Burry has warned there is no guarantee of reaching anywhere near $1 trillion, because building frontier models is expensive and compute can commoditize. The S-1, once public, is the first document that forces the scarcity story and the cost story onto the same page.

That is why it will be read line by line.