The overwhelming majority of the deficit—$94 billion of the $104 billion—comes from a non-cash accounting adjustment. Early investors like Amazon and Google backed Anthropic using convertible notes (debt that turns into equity). Because Anthropic's estimated valuation skyrocketed toward $1.5T–$2T ahead of its IPO, accounting rules (GAAP) require the company to recalculate the "fair value" of those liabilities. In short: Anthropic looks deep in the red because the company became massively more valuable.
Manageable Operational Losses: When you strip out the funky non-cash accounting charges, Anthropic’s actual nine-month operating loss was only $1.26 billion. For a tech giant scaling this fast, an operating deficit of that size is well within normal territory.
In essence, their actual operational losses, the ones that determine if we get to celebrate them closing down, are literally 1% of the headline.