Anthropic is planning an IPO and filed their draft S-1 prospectus in June! They were circulating that draft S-1 around their investors last month. And it leaked to Reuters, who wrote it up. Anthropic’s money situation is as bad as we thought. Actual revenue in 2025 was $4.6 billion. Just the operating expenses were $12.65 billion, for an operating loss of $8 billion. They spent $2.75 to make each dollar that came in: https://pivot-to-ai.com/2026/10/01/anthropic-ipo-filing-the-disaster-in-numbers/