● ANTHROPIC'S $80 BILLION LOSS IS MOSTLY NON-CASH

Anthropic's draft IPO prospectus shows a net loss of $80.7 billion for the first half of 2026, but $72 billion of that came from a non-cash accounting charge tied to convertible financing, not actual cash burn. Revenue jumped to $16.3 billion in the same period, up from just $1.1 billion a year earlier. The company has also locked in roughly $450 billion in cloud compute agreements over the next decade, including $111 billion with Google Cloud ($GOOGL) and $31 billion with Microsoft ($MSFT).