Anthropic's IPO filing shows a net loss of $80.7 billion for the first half of 2026, of which about $72.4 billion comes from the change in value of convertible notes and similar securities, mainly Amazon's notes with about $6.2 billion of principal outstanding. Those notes can convert into up to 1.84 billion Anthropic shares at the IPO, so the paper loss grew as Anthropic's value climbed, even though no cash left the company. The article calculates that a 12% stake at a $1.5 to $2 trillion value would be worth $180 to $240 billion, and says dilution is the real cost borne by other shareholders. It suggests reading the results by separating the business, with $16.3 billion of revenue, $974 million of operating profit in the second quarter and positive cash flow, from the paper loss, and focusing on the fully diluted share count.
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