Anthropic filed the IPO. What I care about most is operating cash flow turning positive to $3.929B in the first half. Weve been asking whether AI applications can actually pay back the infrastructure spend. This filing gives part of the answer. First half 2026 revenue $16.286B. Same period last year $1.163B. Up about 1,300%, roughly 14x. Operating cash flow went from a $1.513B outflow to a $3.929B inflow. That doesnt mean the financing problem is solved. The company explained part of the cash flow improvement came from payment timing. Customers paid first, supplier bills came later. First half still had about $693M operating loss. Future compute spend isnt going away. The tension I watch is customers pay as they use. Anthropic still has to lock multi-year compute ahead of time. Commercialization is speeding up. Revenue and cash collection still have to keep up with the purchase commitments. A successful IPO can add funding flexibility. This matters for the $IREN I hold. Earlier media reports said the two signed a multi-year cloud service agreement. If that gets confirmed, Anthropic running better helps market confidence in the customers ability to pay. Anthropic is also pushing direct chip leasing with dedicated buildings to try to lower long-term cost. Independent cloud names still have a shot at catching some of the demand.