The Web · №3

Pinned to the board this issue:

• Satya Nadella, CEO of Microsoft
• Jensen Huang, CEO of NVIDIA
• Andy Jassy, CEO of Amazon
• Sundar Pichai, CEO of Google
• Sam Altman, CEO of OpenAI — the present-perfect filer
• Elon Musk — the trillion-dollar tinkerer, 82%+ voting control of SPCX
• Dario Amodei, CEO of Anthropic — the quiet filer
• Sarah Friar, CFO of OpenAI
• Ali Ghodsi, CEO of Databricks
• Alexandr Wang, Meta Superintelligence Labs and Scale AI — the partial exit
• Luckey
• Ross

1 · The Three S-1s

SpaceX public, 20 May; $135 fixed per amended filing, 3 June; debut 12 June; $75bn raise at $1.77tn. Anthropic confidential, 1 June, two weeks after $65bn at $965bn post. OpenAI confidential, 8 June; no timing committed. Two of three syndicates undisclosed.

2 · The Cloud Lock-In

Microsoft–OpenAI: sole cloud partner since 2019. AWS–Anthropic: $100bn / 10 yrs / 5GW by 2030 — more than IBM’s total cloud revenue over the same period. Google–Anthropic: TPU access plus ~14% non-voting. Databricks: multi-cloud across AWS, Azure, GCP — a feature when it works, an invoice when it doesn’t.

3 · NVIDIA, In Everything

Frontier training at OpenAI, Anthropic and the xAI division of SpaceX runs on A100/H100. Cerebras and Groq are notionally competitors; both still appear on NVIDIA’s customer list. Hugging Face counts NVIDIA as both investor and supplier. Mr Huang is, on the present corkboard, structural — a load-bearing wall.

4 · The Bankers’ Bonanza

SpaceX ticket, per the amended filing of 3 June: Goldman Sachs lead; Morgan Stanley, BofA, Citigroup, JPMorgan Chase follow. Cerebras leads (April S-1): MS, Citi, Barclays, UBS + Mizuho, TD Cowen. Anthropic and OpenAI: undisclosed; presumed subsets of the above. Five firms doing a remarkable amount of work for five firms — at a combined fee pool, Compute! estimates, in excess of $5 billion.

The full corkboard — threads, pins, tape and all — lives in the collectible edition of Issue №3.