Two questions. Would you buy shares in a company that has just reported more than $80 billion in losses? And another: what would you think if some investors believe that same company could be worth a trillion and a half dollars?
We’re talking about Anthropic, the maker of Claude, which has just filed to go public. We’ve read the full prospectus it submitted to the US regulator (the S-1, dated October 26), and there are three numbers worth pausing on before you think about buying anything.
The video is from October 29. Since then Anthropic has filed a corrected prospectus (S-1/A) that already includes the third quarter. According to CNBC, it brought in about $17 billion, up 47% from the previous quarter (in the second it had grown 144%). Net loss for the first nine months rises to $104 billion, almost all of it from the change in value of convertibles and derivatives, and purchase and lease commitments add up to about $895.4 billion, nearly all of it compute and infrastructure.
From $4,585 million to $16,286 million: what it brings in
In all of 2025, Anthropic brought in $4,585 million. In the first half of 2026 alone it has brought in $16,286 million, almost 14 times what it billed in the same period a year earlier. Insane.
| Period | Revenue |
|---|---|
| Full year 2025 | $4,585M |
| January-June 2025 | $1,163M |
| January-June 2026 | $16,286M (unaudited) |
| Third quarter 2026 | about $17,000M (corrected prospectus) |
And this isn’t people paying a subscription to ask Claude a few silly questions. These are companies paying to program, automate tasks and build artificial intelligence into their businesses.
An $80,748 million loss, but they didn’t spend it
How do you lose that much when revenue is exploding? Here’s the interesting part: of that $80,748 million, $72,388 million is an accounting adjustment. Anthropic has financial instruments that can convert into shares and, as its valuation rises, those obligations are worth more. That increase is booked as a loss. It’s accounting. It doesn’t mean $72 billion was burned on GPUs, however often you hear that.
Look only at the operating result and the loss over those six months was about $693 million. See the difference? It’s huge.
Careful, though: that doesn’t mean the business is cheap to run. Compute and infrastructure alone took $8,945 million in those six months, and that’s where the real risk is. Picture a pizzeria that gets more and more customers and, to serve them, needs more ovens, each one pricier than the last. Nobody guarantees that as many customers will keep coming next year. With artificial intelligence, something similar is going on.
What we’d be paying
Anthropic wants to list on the Nasdaq under the ticker ANT and hasn’t set an offering price yet. Some investors talk about a valuation close to $1.5 trillion, that is, $1,500,000 million.
To put it in context: if it kept its third-quarter revenue pace for a full year, it would bill about $67 billion. At that valuation we’d be paying around 22 times annualized sales. Sales, not profits. That’s our own calculation using press figures; with the $17 billion from the corrected prospectus it comes out practically the same, about $68 billion a year.
Is that a lot? Is it little? It depends on how much it manages to grow and earn from here. It always does.
SpaceX and CoreWeave: the first day isn’t everything
We investors often forget that an extraordinary company isn’t necessarily an extraordinary investment. And there are two very recent examples.
In June 2026, SpaceX staged the biggest IPO in history. It priced at $135 and rose 19% on its first day. A month later it dipped below that $135 during one session. There’s also the analysis of how to buy on the first day.
CoreWeave, an AI infrastructure company, went public in March 2025 at $40. How did its first session end? Exactly at $40. No big pop, no spectacular party.
Two companies in sectors that excite investors, and two stories showing that price matters as much as the business.
A single share with more votes than all the others
According to the prospectus, the seven founders keep 50.1% of the vote on general decisions thanks to a single special share (Class F) that outweighs all the others combined. On top of that, an independent body will elect the majority of the board: 4 of the 7 directors.
In theory, the idea is to protect the company’s mission. But it also means small shareholders, or not so small ones, will have very little say in many decisions. Worth keeping in mind.
So, do we buy on day one?
First of all, I’d look at three things:
- What price it really comes out at. Without an offering price there’s no valuation to discuss.
- Whether revenue grows faster than compute spending. For a long-term investment, this is what would need a deep look.
- How much of the IPO money will actually go to fund the company.
Anthropic could end up being one of the most important companies of this decade. But not even the best company in the world is a good investment at any price. And the corrected prospectus points right there: third-quarter revenue grew 47% over the previous quarter, versus 144% in the second, while computing commitments are enormous.
If you trade options, and a warning
A precedent: in SpaceX’s IPO, options arrived on the third day of trading and the stock joined the Nasdaq-100 after 15 sessions. It’s a precedent, not a guarantee. When there are options on ANT, the chains can be viewed in ProRealTime, the platform I use.
If someone offers you Anthropic shares on social media before it’s listed, be wary: the company itself warns that such sales are void. If you’re in Spain, check on cnmv.es, the national securities regulator, whether the person offering them is authorized.
And now you tell me: would you buy Anthropic on its first day of trading or wait for the euphoria to pass? Let us know in the video comments.
Data from the S-1 prospectus of October 26, 2026 (preliminary, with 2026 figures unaudited), from the S-1/A of November 2 and from the press cited. The offering price has not been set and figures may change. Educational content: not a recommendation to buy or sell.
