Anthropic IPO Filing: $80.7B Loss, but the Real Number Is $693M

Anthropic's IPO filing shows an $80.7 billion net loss, but its actual operating loss was just $693 million. The gap comes from an accounting charge that grew because the company's valuation soared. Here's what the filing really says about Claude's maker, and what final IPO pricing will reveal about what investors will pay for AI growth.