Why investors will likely ignore the $81 billion hole that Anthropic must dig itself out of

Can Anthropic generate revenues so gigantic that they far outpace the huge spending on compute that its leaders acknowledge is coming? So far, the S-1 shows surprisingly excellent bedrock performance, Fortune’s Shawn Tully reports . Revenues exploded 13x from $1.3 billion to $16.3 billion in H1 2026, over the same period last year. But the company’s income statement shows a staggering loss of $80.7 billion. The vast bulk of that deficit arose from changes in the “fair value” of convertible notes and other non-cash charges. Here’s a visualization of that (below).

Source: Fortune Crypto