Anthropic's customer base has grown increasingly diversified: - In 2023, its top 2 customers represented 54% of revenue - In 2025, its top 2 customers represented 24% of revenue - In the first 6 months of 2026, its top customer represented 11% of revenue, with no other customers representing more than 10% of revenue.. implying its top 2 at most represent 20.99% of revenue (i.e. Customer C = 11% and some other customer is 9.99%; real number most likely well below 20.99%).. And then for the first 9 months of 2026: - No single customer represented more than 10% of revenue - Its top 5 customers represented 25% of revenue So while Q3 was a deceleration in revenue.. the revenue quality is a lot higher versus prior quarters.

Anthropic "is burning cash like crazy" was one big lie, spread by the Ed Zitrons of the world. For the first 6 months of 2026, Anthropic generated positive free cash flow of $3.4 billion ($3.9 billion of cash flow from operations less $482 million of capex). And stock-based compensation was only $2.2 billion.. So even FCF less SBC was positive.

Remember when folks said that Anthropic's "adjusted operating income was only positive because Anthropic adds back model training costs"..? Hm. I can't find this mythical training-costs add back.

"Okay, Anthropic might be profitable on an adjusted basis, but they're certainly not GAAP profitable!" was another big fat lie.

I'm sure we'll hear and see a lot of "Anthropic posted a net loss of $80.7 billion for the first half of 2026!" takes today.. Anyone saying this without also explicitly noting that the entirety of the H1-26 net loss was driven by non-operating, non-cash, non-recurring, fair value adjustments has a clear agenda to push. The $72.4 billion of "Change in fair value of convertible notes, derivative liabilities, and SAFEs" and $8.8 billion in "Total other (expense)" are more than 100% of the $80.7 billion net loss. So if you add back these line-items (which seems pretty reasonable given the nature of these "expenses" as detailed below).. "Adjusted Net Income" is positive, which Anthropic lays out in the S-1. Also note again that stock-based compensation ($2.2 billion) is less than "Adjusted Net Income" of $2.7 billion. "Change in fair value of convertible notes, derivative liabilities, and SAFEs" represents an accounting convention, whereby because Anthropic issued convertible notes (rather than solely just preferred or common equity) and elected the fair value option to account for them.. the value of those notes increases as Anthropic's enterprise value increases.. and this change in value is recorded as an "expense" on the income statement. If Anthropic's enterprise value had decreased, the "Change in fair value.." line-item would be a gain. But investors would obviously not treat that gain as real, operating earnings and cash flow. So the flip-side should also be true. The bulk of the "other (expense)" line-item is a "Recognition and change in fair value of note purchase agreements" sub-category.. This is another non-cash charge which represents the accounting "loss" Anthropic incurred because it signed agreements to sell $15B of Series G-2 preferred shares to Google and Amazon at $259/share.. and its enterprise value increased prior to the share sales taking place.. so it only received $15B when those shares were sold to Google and Amazon in May at $259/share, less than what would have been received if they were priced in line with the May round ($589/share). (Note the charge also includes the value of other rights and obligations under those agreements). So again, Anthropic records an accounting expense driven by the fact that it's enterprise value increased. $ANT