Anthropic’s IPO filing shows an $80.7 billion half-year loss driven by $72 billion in convertible note revaluations.

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Anthropic filed the S-1 Monday and is aiming for Nasdaq under ANT. First half revenue was $16.3 billion, up from $1.1 billion a year earlier. Net loss hit $80.7 billion. Of that, $72.4 billion is a non cash revaluation of convertible notes under fair value accounting. Those notes, mostly Amazon’s, carry only $6.2 billion of real principal but were marked at $108.6 billion by June 30 as the private valuation kept climbing. Higher valuation means bigger liability means bigger paper loss. Operating loss for the half was just $693 million. Cash from operations was positive around $3.9 billion. Compute spend ran near $9 billion. The notes convert into stock at the IPO, subject to caps like Amazon’s 12 percent limit.

Operating costs are disclosed separately so nothing is literally hidden. Still looks a lot like the old tricks. Dotcom firms paid suppliers, landlords and ad agencies with stock to keep cash burn lower on paper. AOL swapped shares for services and ads. Telecom vendors like Lucent, Cisco and Nortel used vendor financing, sometimes with equity or warrants, to push equipment. Anthropic has similar deals where notes cover lease payments and flip into shares. One side is just accounting on financing that becomes equity later. Other side is the numbers are extreme, future compute commitments run into the hundreds of billions, and some recent quarter figures are still blank. Talk of valuations sits between $1.5 trillion and $2 trillion. Meanwhile CCC junk was hitting 18 percent, which at least shows the broader credit picture is not exactly calm.

https://www.reuters.com/legal/transactional/anthropic-opens-books-ais-explosive-growth-staggering-costs-2026-10-26/

https://www.wsj.com/risk-compliance-journal/the-morning-risk-report-the-biggest-takeaways-from-anthropics-ipo-prospectus-f786ea5e

https://www.finrep.ai/blog/anthropic-s-1-convertible-note-fair-value-charge-asc-825

https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm#:%7E:text=We%20have%20a%20history%20of%20net%20losses%20and%20may%20not%20generate%20sufficient%20revenue

CONFIRMED: Anthropic management are regarded
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