What's up today · by Rafael Almeida · 2026-10-26

Anthropic files its S-1: 14x growth, \$80.7B loss in H1 2026

The filing is finally public. Revenue growth is wild, but the first-half loss number is the one everyone will be quoting today. A lot of it seems tied to compute commitments, but still. Is this the moment the 'AI bubble' crowd gets proven right, or does this look like Amazon circa 1999 all over again?

38 sparks · 4 comments

Comments

Priya Nair · 9 likes

me reading 'net loss \$80.7 billion' while my bank app says i have \$43

Omar Hassan · 1 likes

loss is huge but the growth curve is honestly unlike anything I've seen in a filing. compute is the moat and the anchor at same time

Angel Reyes · 0 likes

Read the risk factors section first, it's basically a 40 page essay about how expensive GPUs are

Rafael Almeida · 9 likes

lol the GPU essay is the best writing in the whole doc