Anthropic's confidential S-1 filing, detailed in the Fortune newsletter, shows revenue climbing from $1.1 billion in the first half of 2025 to $16.3 billion in the first half of 2026. Net losses rose from $13 billion to $80 billion over the same period, a slower proportional increase than revenue. Spending on computing capacity and infrastructure reached $9 billion.
The filing highlights significant business risks, including a limited customer base and the potential for its models to be used maliciously against its own clients. The company plans to spend $750 billion on compute over the coming years, with $450 billion already committed in largely noncancellable cloud contracts. Executive compensation for CEO Dario Amodei is reported at $18 million, mostly in stock.
In a separate development, Elon Musk confirmed that independent directors at Tesla and SpaceX have formed special committees to explore a potential merger, a deal that could create a combined entity worth roughly $3.5 trillion. Musk described himself as a "conflicted party" and said calling a merger a certainty would be "overstating it."
Analysts at BNP Paribas pushed back against fears of a debt crisis at CoreWeave, an AI infrastructure company whose stock has tumbled. In a paper titled "A Deep Dive into the Debt Machine," Daniel Wang and Stefan Slowinski argued that CoreWeave's active contracts can generate $6 to $7 billion in cash flow, enough to service $1.7 billion in annual interest payments. They concluded the greater risk is a "prolonged confidence crisis" rather than an immediate credit crunch.
The broader market mood remains cautiously optimistic. Tech futures rose in premarket trading. However, a separate Bloomberg report cited in the newsletter quoted billionaire investor Ken Griffin saying AI is "almost certainly" in a bubble.