Everything comes back to whether the demand is really there.

Anthropic thinks it is. The got the demand / datacenter match right in Q2, got great margins, and committed hard.

They've got:

- $114b committed to Google

- $110b committed to AWS

- $161b committed to Broadcom

- $120b committed to SpaceX

If the party continues, they'll go from $50b in revenue to $500b and be fine.

But if they don't, it's going to hurt. And that's their only choice, because otherwise, they end up with a frontier model and 50% of the capacity and get eviscerated on either availability or last-minute datacenter leases.

It's a big business, but it's not an easy business.