Anthropic’s S-1 leaks (again)—here’s a look at the massive losses on the income statement

Good morning. On Fortune’s radar today:

Anthropic’s S-1 has leaked again.

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We’ve had another glimpse of Anthropic’s S-1—here’s what’s on the income statement

Anthropic will seek to go public in an IPO valuing the company at $2 trillion, even though it is heavily loss-making, according to The Wall Street Journal, which obtained a draft of the company’s S-1. The report gives us new details about what Anthropic’s income statement looks like:

Revenue: $16.3 billion in the first half of 2026, up from $1.1 billion in the year-earlier period. Full-year 2025 revenue was $4.6 billion.

Expenses: $9 billion on computing capacity and infrastructure in H1 2026, up from $2.3 billion the year before. The company plans to spend $750 billion for compute over the coming years and has signed $450 billion of mostly “noncancellable” deals with cloud providers.

Net loss: $80 billion in H1 2026, up from $13 billion the year prior.

Risks: Anthropic has a limited customer base, and its product has the ability to hack into other companies or “blackmail” (!) its own customers.

Executive comp: CEO Dario Amodei and his sister Daniela, the company’s president, received a base salary of $655,000 in 2025. Most of their compensation is in the form of company stock. Total comp for him is valued at $18 million; $16.5 million for her.

‘Tap dancing through a minefield’: Elon Musk teases $3.5 trillion Tesla-SpaceX merger talks

Elon Musk said Tuesday that independent directors at Tesla and SpaceX have formed special committees to explore combining the two companies—a deal that, at current market values, would create a roughly $3.5 trillion giant. Musk said he can’t take part in the talks because he is a “conflicted party.”

“This is definitely the kind of question where I feel like I’m tap dancing through a minefield,” Musk said on SpaceX’s third-quarter earnings call, adding that calling a merger a certainty would be “overstating it.”

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