Anthropic's IPO Leak & the $518 Billion Rent Bill

Anthropic's leaked IPO prospectus reveals a $42 billion loss, a two-trillion-dollar valuation, and $518 billion in take-or-pay computing contracts it owes whether it uses them or not. In this episode, host Emily Laird reads the fine print: why most of that loss is an accounting charge, what the word "adjusted" is quietly cropping out, and how Amazon, Google, and Microsoft became landlord, customer, competitor, and shareholder all at once. The money moves in a circle, and this IPO is the door that lets your retirement account step inside. Here's what to watch for when the official filing finally lands.

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