Comment by entrope

$72B of Anthropic's loss was on the paper value of financial instruments, though. Their operating loss, including non-recurring engineering/development costs, was under $9B. That's still not great, given $16B in revenue over half a year, even if that was 15x the prior-year revenue. Future infrastructure spending is the one place that they look overexposed: $600B in promised spend over the next decade, mostly not cancelable.