Worth remembering how much these headline numbers can shrink. The SpaceX Colossus deal was reported as $45B over three years. Then Musk clarified: 180-day initial term, after that either side can cancel on 90 days' notice. So the firm part was maybe $7.5B. The leases are the opposite. Some run 16 or 20 years, they're hard to get out of, and more of them now sit with SPVs and private credit rather than on Google's or Amazon's balance sheet. So I'd skip the $518B and go straight to the purchase obligations footnote once the S-1 is public. How much of it can Anthropic actually walk away from?