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

> 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...

- Source: Rohan Paul
- Published: 2026-10-26T22:55:14.000Z
- Bad Influence: https://badinfluence.news/items/vkm7kh76x6dhj8wnfqe422590
- Original: https://x.com/rohanpaul_ai/status/2114853388664115421

## Summary

Rohan 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. The post also notes the co-founders' Class F share carries 50.1% of voting power, and that the price range and 2045 compute commitments are still unknown.

## Why it matters

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.

## Post

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.

![](https://badinfluence.news/api/img-proxy?u=https%3A%2F%2Fpbs.twimg.com%2Fmedia%2FHVl3LxhacAABfJy.png&mode=thumb&exp=1793404800&sig=114406a55c9d02a6)

## Quoted post @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.

https://x.com/rohanpaul_ai/status/2114718715162014008