Most of it is not cash. About $72B comes from non-cash adjustments on convertible notes and other financing, which grow as Anthropic's valu…
Most of it is not cash. About $72B comes from non-cash adjustments on convertible notes and other financing, which grow as Anthropic's valuation rises. Strip it out and roughly $8.7B remains.
The draft S-1 shows $16.3B in first-half revenue against $1.1B a year earlier. About 20% of it came from just two customers. The IPO is tentatively set for November at around a $2 trillion valuation.