$80.7B net loss in six months. $72B of it isn't cash
that's Anthropic's draft S-1 as the WSJ saw it. the big chunk is convertible notes and other financing paper getting repriced
the lines that are actual money:
🔸 revenue $16.3B in the first half, up from $1.1B a year earlier. demand is real
🔸 nearly $9B spent on computing capacity in the same six months. real cash out the door
🔸 about 20% of that revenue from just two customers
the third line is the one I'd lose sleep over, not the loss
same pattern as the earlier prospectus Reuters saw: the 2025 net loss of $41.97B carried a roughly $34B non-cash charge
the numbers are out, the document isn't. it's still a confidential draft
when a headline screams a loss, check which loss
#AnthropicDraftS1ShowsH1LossOf$80.7B #Anthropic #IPO
that's Anthropic's draft S-1 as the WSJ saw it. the big chunk is convertible notes and other financing paper getting repriced
the lines that are actual money:
🔸 revenue $16.3B in the first half, up from $1.1B a year earlier. demand is real
🔸 nearly $9B spent on computing capacity in the same six months. real cash out the door
🔸 about 20% of that revenue from just two customers
the third line is the one I'd lose sleep over, not the loss
same pattern as the earlier prospectus Reuters saw: the 2025 net loss of $41.97B carried a roughly $34B non-cash charge
the numbers are out, the document isn't. it's still a confidential draft
when a headline screams a loss, check which loss
#AnthropicDraftS1ShowsH1LossOf$80.7B #Anthropic #IPO