Anthropic’s S-1 shows how fast its value rose in 2026. Google and Amazon agreed in March and April to buy shares at $259, and weeks later new investors paid $589.

Broadcom, which rents AI chips to Anthropic, has also agreed to finance part of that rent.

Google and Amazon had the right to buy shares at a fixed $259.
Amazon’s older loans also turn into shares at a fixed $2.09 to $5.05.
As Anthropic’s value soared, those fixed-price rights became worth far more, and accounting rules count that rise as a loss for Anthropic: $72.4B plus $9.4B, nearly all of its $80.7B net loss for the first half of 2026. No cash left the company, and the business itself lost only $0.7B.