Anthropic's $80.7B H1 loss is almost all non-cash fair-value swings — adjusted net income is positive
BenBajarin · x · 2026-10-26
Anthropic's S-1 shows an $80.7B H1 2026 net loss, but analysts note it was driven entirely by non-operating, non-cash fair-value adjustments: $72.4B from convertible notes/derivative liabilities/SAFEs (valuation increases) plus $8.8B other expense — together over 100% of the loss. Adding those back, S-1 'Adjusted Net Income' is positive at $2.67B, exceeding $2.2B of stock compensation. Operating loss was just $0.7B.
Related event: Anthropic Files S-1 to Kick Off IPO Under Ticker ANT on Nasdaq(71 posts)→
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