Anthropic IPO: 3 Numbers Investors Should Focus on and 1 To Ignore

Anthropic's S-1 filing reveals strong fundamentals ahead of its reported $2 trillion IPO valuation. The company demonstrated rapid growth with 11,900 customers earning $100k+ ARR, improved compute efficiency (2.08x revenue-to-compute ratio), and $3.5 billion in free cash flow for H1. However, the widely-reported $80.7 billion net loss is misleading, driven primarily by accounting adjustments from rising valuation rather than operational losses.