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.