Anthropic's S-1 leaves Q3 revenue blank; IPO investors cut valuation to $1.5T
GaryMarcus · x · 2026-10-26
- Gary Marcus cites ZeroHedge's read of Anthropic's S-1: the prospectus summary leaves the Q3 (ended Sept 30, 2026) revenue figure as a literal blank, despite management telling investor day it was $16.8B, up 45% from Q2.
- Per the quoted analysis, that quarter implied monthly growth collapsing from a third to mid-single digits in Aug–Sep, which is why IPO investors marked the valuation down from $2T to $1.5T.
- The S-1 also discloses $974M operating profit and an $800B compute bill. Marcus: a company "built around trust" omitting Q3 tells you demand has dropped.
Related event: Anthropic Files S-1, Kicks Off Nasdaq IPO Under Ticker ANT(63 posts)→
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