$693M. That's Anthropic's first-half operating loss, and it's the number I'd anchor on, much more than the $80.7B net loss leading every…
$693M. That's Anthropic's first-half operating loss, and it's the number I'd anchor on, much more than the $80.7B net loss leading every headline.
- The S-1, filed October 26, shows H1 2026 revenue of $16.29B, up from $1.16B a year earlier. Operating loss narrowed to $693M from $2.14B over the same stretch.
- $72.4B of that $80.7B net loss is a fair-value charge on convertible notes and similar instruments. I read that as an accounting remeasurement, separate from what the business actually burns.
- What I'd watch closely: about $417B in long-dated compute-provider obligations, plus an estimated $125B to $150B for capacity with pricing not yet finalized. CNBC also notes $6.2B in convertible-note principal and a filing risk flag on data-center moratoriums.
- Anthropic intends to list Class A shares on Nasdaq as ANT. Share count and price range are still undetermined.
I'm on the record that Anthropic is worth more than $2 trillion at IPO, and a narrowing operating loss on revenue growing this fast makes that easier to defend. Most IPOs still drop in their first year, though, so the price range is what I'm waiting on, and I could be wrong on the timing.
Sources:
Anthropic: https://www.anthropic.com/news/s1-sec
Fortune: https://fortune.com/2026/10/26/anthropics-s-1/
CNBC: https://www.cnbc.com/2026/10/26/anthropic-ipo-live-updates-ai-s-1-filing.html
Not financial advice. For informational and educational purposes only.
The number I keep coming back to is $4 billion.
The number I keep coming back to is $4 billion. Reuters says DoorDash is in talks to buy Instacart for roughly $17B, and Instacart was worth about $13B as of Friday's close. DASH holders reacted on October 26 like they're the ones paying that gap.
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