Anthropic S-1: it spent just $482M on capex in H1 2026, leasing most of its compute, and its capex is almost entirely outsourced via $782B in lease obligations (Tim Culpan/Culpium)

Tim Culpan / Culpium: Anthropic S-1: it spent just $482M on capex in H1 2026, leasing most of its compute, and its capex is almost entirely outsourced via $782B in lease obligations — [Opinion] Anthropic owns almost nothing. Revenue per employee hit $6.6 million. Obligations pass $780 billion. — Good Evening from Taipei,

First reported by Techmeme. This page is a short excerpt; the full text is theirs.