🦔Anthropic’s full IPO filing is out, and it plans to list on Nasdaq as ANT. Revenue hit $16.3 billion in the first half of 2026, up from $1.2 billion a year earlier, and the business brought in $3.9 billion more cash than it spent running itself. The $80.7 billion headline loss is almost entirely accounting on its convertible notes, which turn into stock at the IPO. My Take Anthropic grew fast, and a lot of that growth runs on money from the companies selling it chips and cloud capacity. It has raised $141 billion so far, and Google, Amazon and Broadcom have another $77 billion lined up, mostly tied to Anthropic using more of their compute. Even the positive cash flow came partly from paying those suppliers later. Suppliers lending a customer the money to keep buying from them is the same setup Nvidia runs with CoreWeave. And most of the revenue comes from usage instead of long contracts. About 80% is pay-as-you-go, and the filing admits many top customers can cut spending at any time. This half also lined up with companies pushing staff to rack up AI usage, right before corporate budget reviews. (Earlier reporting on the draft put compute commitments at $518 billion or more. The public filing leaves that number blank.) Public buyers barely get a vote. The founders keep 50.1% and a trust picks most of the board. I expect a hot first day and a much harder 2027, once finance teams review their AI budgets and usage growth slows. Hedgie🤗