I could only find these numbers in articles on something called crypto briefing dot com, not sure how the author got this number from the S-1.
When using traditional business metrics, such as operational net income, we'll see that Anthropic has been in the red for the entirety of its history, at times to the tune of $3B per quarter, except in Q2 2026.
When looking at amended S-1 (with Q3 numbers), page 23, "Consolidated Statements of Operational Data", we can see that for 2026 YTD (Q1 - Q3) net loss was $103B; operating loss was $1,260B.
Anthropic also disclosed up to $895B (multiyear) commitments for infrastructure build-up.
Basically, the company's financial results do not allow for any reasonable valuation (which would be more than 0), leave alone $2T or even $1T. If this is not an indication of a bubble I don't know what is.
If your hyper growth startup is not in the red for its entire history, it fucked up. One can argue their "profitable" Q2 was a mistake, startups at this stage should be far from profitable
While this is true, most of Anthropic's expenses involve locking up compute for the future. But they have no idea how much compute they will actually need in the future, or how much they're going to be able to charge their customers for it. Per token prices are dropping like a rock, and performance optimizations are making model serving more efficient. Combine that with the comparatively slower growth in organic AI demand (compared to debt-driven/investor subsidized demand), and you have the very real possibility of a 2000-style "dark fiber" problem.
There's no dynamic in their financial results which points to profitability with any probability at any point in the future. Yes, the revenue grows. The expenses grow even faster, AND they plan to move to building their own infrastructure instead of renting in the future (more risk as they need to be able to execute that).