Anthropic (@AnthropicAI) filed its S-1 on October 26. Within an hour, X had tw… · @pirrer · TwKit

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Anthropic (@AnthropicAI) filed its S-1 on October 26. Within an hour, X had two opposite readings of the same document. One: a net loss of $80.7 billion in the first half of 2026. Two: an operating profit of $974 million in the second quarter, the only operating profit among the six quarters the filing breaks out. Both are in the filing. Most of the $80.7 billion is a $72.4 billion change in the fair value of convertible notes, derivative liabilities, and SAFEs. As Anthropic's valuation rose, those investor deals had to be repriced, and the increase was recorded as a loss. Operations lost $693 million in the first half, while operating cash flow was positive. Who it pays: SpaceXAI, Broadcom, Google, Amazon, Microsoft, and others. Many contracts require minimum payments, and the filing says substantially all commitments after 2030 are expected to be incurred between 2031 and 2045. As of June 30, fixed or guaranteed minimum commitments came to about $265.6 billion. Deals signed or amended after that carry about $245 billion in minimum payments, some conditional. The two figures may overlap, and the filing doesn't add them together. Meanwhile, about 80% of first-half 2026 revenue was usage-based. Who decides: one Class F share, held by a company owned by the seven co-founders, carries 50.1% of total voting power. One Class T share lets the Long-Term Benefit Trust elect four of the seven directors. The filing itself says the structure may effectively eliminate Class A shareholders' ability to influence important decisions. The risk factors also name Taiwan. Most of the world's most advanced chipmaking capacity is there, mainly at TSMC. The filing says efforts to build enough of that capacity elsewhere, including in the U.S., are still in early stages.

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