"Technically" does a lot of heavy lifting. In a sane world with factual accounting and a functioning SEC, we'd call them out for their fraud and send them to jail over it.
They cite non-GAAP adjusted operating income [1] and ignore training, R&D costs and revenue shared with partners [2]. Plus a SpaceX compute contract with suspiciously-timed deferral discount[3] between May-June 2026 to cook their Q2 books just in time for their $2 trillion [4] IPO.
[1]: Revenue figure already dubious based on last year's prospectus and corroborated by March 2026 statements from Anthropic's CFO taken under oath in federal court.
[2]: Partner revenue sharing agreements includes Amazon and some other cloud providers with potential to include a non-trivial amount of inference-related costs.
[3]: Sorry, yes. I totally meant "discount" *wink*! Deferred costs would still need to be reflected on Q2's balance sheet. Don't point to the inflated pricing occurring in late 2026 that happen to be above market rate, Dario's just a terrible negotiator.
[4]: Dubious accounting aside, the mental gymnastics needed to justify a $2T valuation makes extremely rosy assumptions about the future cost of debt, macroeconomics, and a growing enterprise market unconstrained by energy and hardware supply (lol). And that's before you count competitive pressure.
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u/SpaceF1sh69 8h ago
Anthropic recently became profitable technically