I could only find these numbers in articles on something called crypto briefing dot com, not sure how the author got this number from the S-1.

When using traditional business metrics, such as operational net income, we'll see that Anthropic has been in the red for the entirety of its history, at times to the tune of $3B per quarter, except in Q2 2026.

When looking at amended S-1 (with Q3 numbers), page 23, "Consolidated Statements of Operational Data", we can see that for 2026 YTD (Q1 - Q3) net loss was $103B; operating loss was $1,260B.

Anthropic also disclosed up to $895B (multiyear) commitments for infrastructure build-up.

Basically, the company's financial results do not allow for any reasonable valuation (which would be more than 0), leave alone $2T or even $1T. If this is not an indication of a bubble I don't know what is.