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Anthropic filed their S-1, a required document for IPO * $80B on-paper loss in H1 ‘26 * 900% revenue retention * $430B in non-cancelable compute commitments * $1.62B operating income www.anthropic.com/news/s1-sec

Operating income less compute spend would be profit-ish Or am I missing something about "operating income"

Capital accounting is always weird, and I'm sure the AI stuff makes it stranger. Would be interested in understanding the math here

i haven’t sat down with it yet. in my experience, it takes 10-20 min to wrap your head around what all the numbers mean and then there’s all these dumb fucks out there like, “wow they’re losing money it’s so obvious can’t you see it”

FWIW Claude says 72 of the 80bil is from revaluating convertible notes from stock increases. From first glance the overall position of Anthropic seems to be making a lot more money than they're putting in

That's *adjusted operating income, where adjusted means take out whatever losses and liabilities Anthropic don't want you to count. Under standard accounting rules they don't have any profit, their most profitable period was H1 2026 where they lost $693 million

the S-1 is right there, you can look at it

I did

“This is likely the most efficient scaling of a business in the history of capitalism.”