[AI·Anthropic IPO] Half-Year Revenue of Approximately $16.3 Billion, Yet Net Loss of Approximately $80.7 Billion—Claude is Going Public, and Its Financial Statements Are More Explosive Than Science Fiction Controversy is on the table: Anthropic has filed its S-1 form with the SEC, intending to list on Nasdaq under the ticker symbol "ANT". First-half 2026 revenue was approximately $16.3 billion (a year-on-year surge of about 13 times), while the net loss for the same period was approximately $80.7 billion—almost the "most unprofitable half-year in history." Yet, the market is still speculating on a valuation range of approximately $1.5-2 trillion. On one hand, it's touted as a "miracle era," while on the other hand, its profit and loss statement is shockingly bad. Facts and Figures: • S-1: First-half revenue approximately $16.3 billion (compared to approximately $1.2 billion in the same period last year) • Net loss approximately $80.7 billion; of which approximately $72.4 billion came from convertible bond valuation accounting write-offs; operating loss narrowed to approximately $693 million; adjusted operating profit approximately $1.6 billion (approximately 10% profit margin) • Operating cash flow turned positive for the first time, approximately $3.9 billion in the first half; in Q2, every $1 spent on computing power generated approximately $2.08 in revenue. • Proposed ticker symbol ANT; number of shares and pricing undetermined; media anticipates a valuation narrative of approximately $1.5–2 trillion around the Thanksgiving window. • The seven co-founders retain approximately 50.1% of the voting rights due to a special equity structure; the top five customers account for approximately 25% of revenue, with nearly half of the revenue coming from the cloud market (Amazon/Google/Microsoft). Key Points: 1) "$80.7 billion net loss" ≠ actually burned through $80.7 billion. 1) Billions in cash – mostly accounting for the fair value of convertible bonds; the real focus should be on computing power bills and operating cash flow. 2) OpenAI just cut its funding target, Anthropic rushes into the public market: the capital race shifts from a "private financing war" to a "public pricing war." 3) Hong Kong trader's perspective: AI stocks and crypto high-beta stocks have both fallen this week – if ANT opens higher, it will boost risk appetite; if it falls below its issue price, it will further fuel the "AI spending panic." 4) Customer concentration + cloud giants are both channels and competitors: rapid revenue growth, but bargaining power may not be in their hands. What does this mean: For traders, this isn't just another chatbot news story, but a pricing anchor. The private market uses narrative to support valuations, while the public market uses quarterly reports to verify computing power ROI. Are you buying Claude's enterprise penetration, or just the "trillion-dollar AI" slogan? The former depends on customer retention and cloud revenue sharing, the latter on Nasdaq sentiment. Conclusion: Anthropic uses an S-1 to put the question of "can AI really make money?" on the table. 16.3 billion in revenue proves the demand is real, while an 80.7 billion in book losses remind you—accounting and computing power bills can also rewrite market trends. The next move won't be in the model parameters, but in the week the pricing range is finalized. Source: https://www.(anthropic.com)/news/s1-sec https://(fortune.com)/2026/10/26/anthropics-s-1/ https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm