Anthropic IPO Filing & Accounting Controversy
Anthropic filed its S-1, reviving AI stock enthusiasm, but sparked heated debate over whether it hid expenses via convertible notes in a dotcom-era accounting move. Investors are split between excitement and deep skepticism.
What we know
Anthropic's IPO filing was the day's dominant financial story. An account on X reported US stocks rebounded on the news with S&P +0.7% and semiconductors +2.8%. Bessemer's Byron Deeter called it the firm's largest investment in 116 years. However, another account on X went viral (125K views, 1.5K likes) claiming Anthropic hid ~$108B in expenses through convertible notes redeemable at IPO — a dotcom-era trick. Another account on X pushed back, saying the reported '$80B loss' is just non-cash mark-to-market on Amazon's converts. Another account on X extended the concern systemically, arguing the entire AI industry may be vendor-financed at both ends — Nvidia as the bank, revenues as convertibles. Another account on X noted Anthropic's own S-1 warns even the insurance industry in aggregate cannot cover its catastrophic risk. Enterprise metrics from another account on X show $100K+ customers grew from 1,500 to 11,900 since end of 2025.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.