$SPCX

$SPCX S-1 reveals that the scope of their Anthropic relationship is far larger than previously understood and may carry the highest implied monetization density ever disclosed for a large-scale AI infrastructure deployment: Anthropic secured access to: >300MW and ~220k+ GPUs across Colossus I + II. >At the disclosed ~$1.25B/month run-rate ($15B annually), the implied monetization density is extraordinary. >For comparison: $CRWV is guiding to ~$17-19B exit ARR on ~1GW active power >So the implied economics from the Anthropic deal appear: >~30x richer than traditional powered-campus / hosting deals (APLD, CORZ), obviously. >But still several times (3-5x) richer than recent AI cloud-style GPU arrangements (IREN/MSFT) >Squares with Jensen’s comments today regarding NVIDIA rapidly scaling at