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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

anthropic.comAnthropic files S-1 with the SEC for proposed initial public offeringAnthropic is an AI safety and research company that's working to build reliable, interpretable, and steerable AI systems.

mr. TIM

@timkellogg.me

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

Ryan Wiley

@rdubwiley.bsky.social

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

mr. TIM

@timkellogg.me

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”

26/10/26, 4:55 pm0 reposts0 likes

Ryan Wiley

@rdubwiley.bsky.social

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

mr. TIM

@timkellogg.me

yes, i looked at something like that from ‘25 and the vibe i got was that it wouldn’t have counted against their books if they were public already

Ryan Wiley

@rdubwiley.bsky.social

MD&A is definitely the section to look at for the IPO. Kind of gives the whole financial case.