Anthropic's IPO Is Not What It Looks Like: Inside the S-1 and the $80 Billion "Loss"
Anthropic just filed its S-1 ahead of what could be the biggest IPO in history, and the whole market has been waiting on it. Chip stocks fell eight sessions in a row, the headline number is an $80.7 billion loss, and everyone wants to know: is Anthropic actually making money, and are we in an AI bubble? Ejaaz came in skeptical and went through the filing. It's not what it looks like. We break down revenue that went from $41 million in 2023 to $16.3 billion in the first half of 2026, why Anthropic now makes about $2 for every $1 it spends on compute, 900% net revenue retention, Claude Cowork outpacing Claude Code, the $120.5 billion going to SpaceX for GPUs, $132 billion in cash and short-term investments, and why $72.4 billion of that loss is an accounting charge, not cash out the door. == Timestamps 00:00 The IPO Everything Hangs On 01:14 They're Crushing It 02:12 Revenue Finally Beats Compute 03:11 Who Pays Anthropic 05:11 900% Net Revenue Retention 06:53 Where the Money Comes From 08:45 Claude Cowork's Surprise 11:24 Anthropic's Big Predictions 13:56 The Bear Case 14:10 Half a Trillion in Compute 15:35 Elon's GPU Toll Booth 17:26 $132 Billion in the Bank 19:32 The $80 Billion Paper Loss 20:25 Final Thoughts 23:15 The Roko's Basilisk Meme #anthropic #ipo #claude #ai #aibubble == AlphaSpace by Yahoo Finance: A Professional-Grade Investment Platform Built for Everyday Investors. 👉 https://finance.yahoo.com/about/promos/gold/alphaspace/?ncid=100003571
