Anthropic's IPO filing: a profit and a $66 billion loss

Transcript

Anthropics IPO filing explained in 90 seconds. Anthropic, the company behind Claude, wants to list on the stock market. Its filing shows a quarter that sounds impossible, a first operating profit and a $66 billion loss. First, the speed. In early 2025, Anthropic took in about $400 million in three months, from April to June, 2026 in 11.6 billion, more than 30 times as much in five quarters. And it got cheaper to run. Back then, every hundred dollars of revenue needed $251 of computing power. Now it needs 48. So let's follow $100 from that latest quarter. 48 for computing power. 16 for its people. 19 for sales and partners. 9 for everything else. That leaves $8 of operating profit. It's first in the filing. Then comes one more line. Minus 516. Add interest and other items and every hundred dollars ends as a loss of about 574. So where did $66 billion go? No where. It's a loss on paper. Investors gave Anthropic money for a promise, shares later. When Anthropics value jumps, that promise is worth more. And the company has to book the difference as a cost. The better it goes, the bigger the loss. Meanwhile, in the first half of the year, the day-to-day business brought in $3.9 billion more than it paid out. And Anthropic holds about 132 billion in cash and investments. Two things to know. Over the half year, operations still lost about 700 million. And Anthropic signed deals for around $640 billion of computing power over the next 10 years. Much of it owed whether it uses it or not. A loss on paper can mean things went well. That's Anthropics IPO filing.

Transcribed automatically from the video, so small errors are possible.