On Oct 14 Anthropic reportedly told IPO investors that Q3 revenue hit $16.8B. All of H1 was $16.3B. One quarter beat six months. The same draft S-1 shows an $80.7B net loss. How does a company print that and still target a $2T listing? Easy part first. About $72B of that loss is a non-cash accounting charge on the convertible notes they sold to raise money. What is left is roughly $8.7B, and even that is not cash burn. Real compute spend was nearly $9B in H1, more than all of 2025 ($7.3B). The number that should keep you up is another one. $600B+ in compute commitments, with talks that could push it toward $750B. About a fifth of H1 revenue came from just two customers. Amodei himself said back in February that buying compute far ahead of revenue can sink a lab if growth misses even a little. Small fixes if you are quoting this. Target valuation is around $2T, not 1.5-1.75T. The 1.75T is SpaceX at its June IPO. Hyperliquid’s pre-IPO perp had Anthropic near $2.15T in mid-Sept (approximate data, not confirmation). Ticker is not announced yet, so ignore the fake ones. Now the part for us, frens. The week before SpaceX listed, BTC fell 15%, the worst week since FTX in Nov 2022. Analysts pointed at rotation because SpaceX set aside up to $22.5B for retail. But the same weeks had a hawkish Fed and an equity selloff, so nobody can prove the IPO did it. Anyone posting a clean 25-30% BTC drop from the Anthropic IPO is guessing. It may well happen, but there are no receipts yet. I am tracking the IPO wave (SpaceX, Anthropic, OpenAI) against BTC and ETF flows and will post the data as it lands. If Anthropic prices at $2T and pops, does the wealth effect flow back into crypto or does the money stay in equities? Curious what you are positioned for.