Anthropic's leaked IPO filing shows $4.6B of 2025 revenue, a $42B net loss, Q2 2026 revenue of $11.5B, $518B of planned computing spend, and a target valuation near $2T.
Anthropic is literally projecting a **-3.9:1 evaluation to profit ratio** and a **174:1 evaluation to revenue ratio** and then asking for **two trillion dollars.** I feel like I’m going insane.
I’m pulling out of the NASDQ. These numbers just don’t make sense anymore. CEOs called their own investors insane during the dot com crash for investing in companies with a 10:1 revenue to profit ratio.
We live in some bizzaro world where a company will burn hundreds of billions per quarter and we have legions of investors foaming at the mouth to throw another two trillion into the fire.
I feel like at one point there was genuinely an argument for speculating on growth, but these numbers are out of control.