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Rohan Paul breaks down Anthropic's S-1 loss and revenue figures

AIRohan Paul says Anthropic's S-1 shows $16.3B in six-month revenue and a $693M operating loss. He says most of the $80.7B net loss is a $72.4B paper charge from convertible notes issued to Amazon, which rose in value as Anthropic's valuation grew.

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The post separates Anthropic's operating loss from the paper charge tied to Amazon's convertible notes, which clarifies what the reported $80.7B net loss actually reflects.

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Anthropic’s S-1 shows how fast its value rose in 2026. Google and Amazon agreed in March and April to buy shares at $259, and weeks later new investors paid $589.

Broadcom, which rents AI chips to Anthropic, has also agreed to finance part of that rent.

Google and Amazon had the right to buy shares at a fixed $259.
Amazon’s older loans also turn into shares at a fixed $2.09 to $5.05.
As Anthropic’s value soared, those fixed-price rights became worth far more, and accounting rules count that rise as a loss for Anthropic: $72.4B plus $9.4B, nearly all of its $80.7B net loss for the first half of 2026. No cash left the company, and the business itself lost only $0.7B.

Rohan Paul@rohanpaul_ai
Anthropic just filed S1 with SEC. shows $16.3B in 6-month revenue while its operating loss shrank to $693M. That revenue is 14 times the year-earlier $1.16B, and it’s growing much faster than Anthropic’s biggest operating expense. Compute and infrastructure cost $8.9B over the 6 months, yet June-quarter revenue rose 1,368% year over year against 300% for compute. Existing customers supply much of that growth: by September, those outside Claude’s Pro and Max plans spent about 9 times their year-earlier level. The $80.7B net loss, by contrast, comes mostly from a $72.4B paper charge, because convertible notes issued to Amazon gained value as Anthropic’s valuation rose. Amazon funded Anthropic partly through loans that later turn into shares, and accounting rules make Anthropic book a loss whenever those future shares become more valuable, which accounts for $72.4B of the $80.7B loss. No cash left the company; the real cost is that Amazon will receive shares worth far more than it paid, which shrinks other shareholders’ slice. Public buyers get 1 vote per Class A share, while the co-founders’ single Class F share carries 50.1% of total voting power. The Long-Term Benefit Trust also elects most directors, so Class A holders will have little say over leadership or any takeover. We are still blank are the price range and total compute commitments running to 2045, the figure that will test whether revenue can keep outpacing compute.
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Original title: Anthropic’s S-1 shows how fast its value rose in 2026. Google and Amazon agreed in March and April to buy shares at $259, and weeks later...

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