I'm going through some important documents about Anthropic, and they clear up a lot of our questions about Fable 5.5 and the company's future:
Demand for Claude grew so fast that staying in the lead is requiring increasingly risky investments to serve it, train it, and replace it with new generations.
If you compare Anthropic's 2025 revenue of around $1.1 billion with the current period in 2026 at around $16.3 billion, you'll see it grew its revenue 14.8x in ~ONE YEAR. That's 1,382% growth.
Anthropic has literally taken on more than $600 billion in long-term commitments for infrastructure, cloud, and hardware, and that could reach $750 billion if new negotiations also go through.
And here's something interesting: Fable 5.5, the most powerful model isn't necessarily the most commercially interesting one for Anthropic right now. A less capable but significantly cheaper model to run can generate better margins at scale, so they may squeeze a lot out of Opus 5.5 before launching the new Fable.
And I wouldn't automatically bet that the IPO getting closer means Fable 5.5 is about to launch. A new model can also raise costs, attract regulatory scrutiny, or create operational risks right when investors are evaluating the company.
Exclusive: Anthropic's draft IPO filing reveals red-hot growth, massive computing costs and an $80 billion net loss. Here are the highlights.
on.wsj.com/3WmyWAR