It's crazy but Anthropic is basically profitable. Revenue is up 14x ($16.3B) in the first half of 2026, operating loss is only $693M (and Q2 alone was already profitable). The massive net loss of $80.7B (!!) is almost entirely non-cash: $72.4B from "change in fair value of convertible notes". - Amazon put money in through instruments that later turn into shares. As Anthropic's valuation rises, those future shares became worth much more. The books record that increase as a loss, even though no cash leaves the company. - $9.4B because Google and Amazon have deals to buy shares at $259, while the latest round was priced at $589. That discount is booked as a loss too. Leave those out and Anthropic actually made a ~$1B profit in H1.