To be fair, that loss includes over $20b from instruments like convertible notes. They're not equity, so the increase in their value has to be reported as a loss. But in the context of this IPO, they will behave like equity, and just turn into stock. That's not money anthropic will pay, it will just dilute investors during IPO.

Reporting an increase in the value of the company as a loss is weird, but they have to do it. this is a case where adjusted earnings give a better idea of how the business is going.

As the page says, almost 22bn of that is a book loss due to share price increase.

So their loss is actually small compared to revenue.

And buying too!

I unironically believe that bitcoin -- and, downstream, the memestock -- have everything to do with this.

Old-school fundamentals are laughed at or handwaved away. FOMO rules the day. "If Anthropic is the first to AGI, it'll take over every industry and go to the moon!"

What the hell is 15% adjusted margin? Lots of mathmagic there I guess...

It's going to skyrocket. :DDD