An eighty-billion loss, seventy-two is accounting

The IT Home page is stamped 2026/10/21 8:17:31 and names IT Home as the publisher. The judgment first: the first-half net loss exceeded $80 billion, and the main increase is recorded as an accounting loss. The adjusted profit the company describes sits in the third quarter. It does not cancel the half-year net loss.

The Wall Street Journal report, dated Tuesday local time, relies on a draft initial-public-offering prospectus. The draft says the loss in the year-earlier period was $13 billion. This loss rose sharply, mainly because of a $72 billion accounting loss. The charge is tied to changes in the value of financing instruments Anthropic issued to raise money. It is a book loss. The page does not describe it as cash already paid in the same amount. The report also carries a signal: spending of up to $750 billion over the coming years is possible, to expand computing. That is a signal, not spending already booked.

In the half year ended June 30, revenue jumped from $1.1 billion a year earlier to $16.3 billion. Spending on AI infrastructure nearly quadrupled, to nearly $9 billion. Reuters reported separately in September, also from a prospectus, that Anthropic's 2025 net loss was $42 billion. That figure is for the full year 2025. It is not the same period as this first-half loss of more than $80 billion. The two numbers cannot be added, and they cannot stand in for each other.

The page links the growth to Claude Code and says the programming assistant lets developers write software and build applications. It does not say how much of the $16.3 billion came from that product.

The lower valuation is not a figure from a company announcement. Four people familiar with the matter told Reuters that after last week's investor day, some existing and potential investors, having seen the latest financial disclosure, began to consider cutting the company's valuation. Three of them said the valuation discussed at the San Francisco event was about $1.5 trillion, below the roughly $2 trillion previously expected for a November share sale. The people are not named, and the page does not say who was in the room.

At the meeting the company told investors that third-quarter revenue rose 45 percent from the prior quarter, to $16.8 billion, and that the quarter was profitable on an adjusted basis. The adjusted profit is the company's own basis. It does not rewrite the first-half net loss as a profit. The page also says a cool reception for this listing could pressure the wider market, and that investors tie the near-term outlook to OpenAI's expected listing next year. That is a market view inside the report, not a price move that has already happened.