Third-quarter numbers are out and the picture keeps getting worse:
* Operating loss back to a whopping $567 million (about -34%)
* Commitments are up to $895.4 billion
My guess is the deterioration post Q3 2026 should be even worse, as token prices are still dropping as is their market share, while expense (cost of compute per unit) continues to go up, which they even disclosed in the initial S-1 (page 134).
How can this company be allowed to go public?
Consider the combination of the valuation, governance issues, insider unlocks and the fundamental picture relative to the valuation.
As I stated before, I have an easier time getting to less than zero than I do $2 trillion or even frankly $1 trillion. And I stand by my statement that WeWork and Adam Neumann were a better deal, and that IPO didn’t happen after the S-1 was filed, and that ended up being worth less than zero too!
ANTHROPIC Q3 2026 FINANCIAL HIGHLIGHTS:
– Revenue: $17.0B, +1,127% YoY & 47% QoQ – Oper Loss: $567M (vs. $974M profit in Q2) – Net Loss: $23.3B, vs. $12.1B YoY – Adj. Oper Income: $2.5B – Adj. Oper Margin: 15%, down from 19% in Q2 – 9M Revenue: $33.2B
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