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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

fyi the $80B loss is mostly an accounting quirk. In other words, if you’re not already up to speed on accounting practices, it’ll take a while to even understand what it is for most people, just look at the operating income and consider that the profit

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