Krishna Rao - Anthropic's CFO on Compute, Scaling to $30B ARR, and the Returns to Frontier Intelligence - [Invest Like the Best, EP.471]

Krishna Rao, CFO of Anthropic, joins Invest Like the Best to discuss how he navigates compute procurement and allocation using a 'cone of uncertainty' framework, leveraging three chip platforms fungibly across Trainium, TPUs, and GPUs. He explains the daily meetings that allocate compute among model development, internal research, and customer demand, and why Anthropic believes the returns to building frontier intelligence are still increasing. The conversation also covers the blurry line between platform and application and why Anthropic builds its own products like Claude Code. Throughout, Rao shares insights from two years at one of the fastest-growing businesses in history.