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Behind the $80.7 Billion Paper Loss: Anthropic’s Real Cash Burn Rate and the Logic of a $2 Trillion IPO

Anthropic’s reported $80.7 billion net loss for H1 2026 is largely a non-cash accounting effect; stripping out $72 billion in valuation adjustments leaves about $8.7 billion in operating losses. The real story is accelerating infrastructure spending, rapid revenue growth, high customer concentration, and a planned IPO at a valuation of up to $2 trillion.

Anthropic IPO 财务分析
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