The stochastic Anderson model in discrete or continuous space is defined for a class of non-Gaussian spacetime potentials W as solutions u to the multiplicative stochastic heat equationwith diffusivity κ and inverse-temperature β. The relation with the corresponding polymer model in a random environment is given. The large time exponential behavior of u is studied via its almost sure Lyapunov exponent λ = limt→∞ t −1 log u(t, x), which is proved to exist, and is estimated as a function of β and κ for β 2 κ −1 bounded below: positivity and nontrivial upper bounds are established, generalizing and improving existing results. In discrete space λ is of order β 2 / log(β 2 /κ) and in continuous space it is between β 2 (κ/β 2 ) H/(H+1) and β 2 (κ/β 2 ) H/(1+3H) .