Anthropic reported a nearly $42 billion net loss for 2025. Pre-IPO perpetual contracts still imply a valuation near $2 trillion. Roughly $34 billion of that loss came from accounting adjustments tied largely to financing instruments; its operating loss was $8.06 billion. The contracts carry about $80 million in open interest, but represent derivatives rather than ownership of Anthropic shares. https://cryptoslate.com/anthropic-lost-42-billion-warned-ai-could-resist-shutdowns-but-traders-still-price-it-at-2-trillion/