Revenue of $16.286 billion in the first half of the year, yet a net loss of $80.748 billion? Anthropic @AnthropicAI filed Form S-1 publicly on October 26, intending to list on Nasdaq under the ticker ANT, with offering price and proceeds yet to be determined. Revenue for the first half of 2026 was $16.286 billion, compared to $1.163 billion in the same period last year. Second-quarter revenue alone reached $11.55 billion, with a GAAP operating profit of $974 million, yielding a margin of approximately 8.4%. Of the $80.748 billion net loss, $72.388 billion stems from fair value changes in convertible notes, derivative liabilities, and SAFEs. This arises because early-stage financing instruments contain equity conversion rights; as the company’s valuation rises, the fair value of these liabilities increases accordingly, with the difference recorded as a loss in the current period—without corresponding cash outflows. During the same period, net cash inflow from operating activities was $3.929 billion, with cash and short-term investments totaling approximately $131.6 billion as of June 30.