tl;dr: Anthropic's upcoming IPO shows ~$96B in cash and strong headline revenue, but footnotes reveal nearly $900B in non-cancelable compute commitments to Amazon, Google, Microsoft, AMD, and Broadcom, with unaudited financials showing revenue growth stalling in Q3 2026. The author argues demand weakness, fierce price competition, and soaring infrastructure costs make these obligations unsustainable, and that going public would shift catastrophic downside risk onto retail investors and retirees. He urges the SEC to block the IPO until Anthropic provides two quarters of audited statements with full disclosure of its spending commitments.