Forward Guidance · Saturday, October 31, 2026
Anthropic released its S1 filing, providing a closer look at margins for frontier models selling tokens at a premium, revealing a net loss driven by soaring convertible notes while underlying business metrics improved.
“we got the Anthropoc S1 this week. So we started to get a bit more of a line of sight into what do margins look like for the frontier models that are selling tokens at a premium versus their cost. And Anthropic is a good business. They had a net loss technically, but it's just because the convertible notes soared.”