Wow, Anthropic's IPO draft just dropped, and the English-speaking community is buzzing with 'a $80.7 billion loss in six months.' It's not like they literally burned $80.7 billion—most of it is on paper ⬇️ WSJ: Net loss of $80.7 billion in the first half of the year, with around $72 billion coming from accounting expenses due to valuation changes in convertible notes and other financing instruments. Excluding that, the actual loss is about $8.7 billion. First-half revenue hit $16.3 billion, compared to just $1.1 billion during the same period last year. Compute expenses in the first half reached nearly $9 billion, already surpassing the $7.3 billion projected for all of 2025. Around 20% of revenue comes from just two clients. The faster the valuation rises, the bigger the paper losses—only AI companies can pull off accounting like this.