Anthropic is FCF positive even after SBC, countering bearish macro narratives
GavinSBaker · x · 2026-10-26
Investor Gavin Baker argues Anthropic is free-cash-flow positive even after stock-based compensation, contradicting bearish narratives circulated by macro-focused accounts on X. He estimated October revenue from OpenRouter data compiled by @lfgcap, noting the company would not disclose October ARR in a future S-1 update unless it were positive. He adds that Anthropic or OpenAI running away with the market would be net negative for AI infrastructure, and sees their likely mid-single-digit-billion Q3 compute spend as unremarkable.
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