Based on this review of Anthropic's S1, looks like the bull vs bear case is: How long do you extrapolate high, unprecedented revenue growth rates and customer retention rates? Do open models and current usage restriction trends become a large enough headwind to dent the bull case? Do you wait for more of their planned capex spend to hit financials to better understand the impact? Will wall street care about this, or is it already factored in to expectations? The company is already soft guiding towards much greater cash burn, will this actually be a surprise? Their channel fee take rates seem to be getting worse, even as they get more revenue from channel partners (hyperscalers). Is this an issue? Seems expensive at IPO valuation but what could change your mind?
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