Another big component of the $80B loss was $3B in stock-based compensation. This line item is very expense-like (“instead of paying your drivers in cash, give them shares of your taxi company”), and Anthropic also adjusts it away when reporting their adjusted net income. Without this adjustment, their non-GAAP operating income was negative in 2026 1H.
Overall, I feel like a man in the parable of The Elephant in the Dark while writing this. Not only is my sight limited, but this elephant (Anthropic) is dancing wildly!
Another big component of the $80B loss was $3B in stock-based compensation. This line item is very expense-like (“instead of paying your drivers in cash, give them shares of your taxi company”), and Anthropic also adjusts it away when reporting their adjusted net income. Without this adjustment, their non-GAAP operating income was negative in 2026 1H.
Overall, I feel like a man in the parable of The Elephant in the Dark while writing this. Not only is my sight limited, but this elephant (Anthropic) is dancing wildly!