Not posting this to defend them but because the nuance matters to understanding what is happening better.

The $80.7 billion loss looks huge, but most of it isn't straight cash, about $72 billion is a paper charge. Anthropic issued bonds that can turn into shares. This means they get more valuable as the company does, and Anthropic has to count that rise as a loss. So it's actually a case of the loss being "higher" the more the company is valued.

The actual reported operating loss in all 2025 was around $8.1 billion on $4.6 billion of revenue, with Anthropic saying it's now profitable on an adjusted basis, though the adjustment is their own way of counting and what will be under scrutiny.

Don't forget their $400 billion plus in locked on hardware spends