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Re:Anthropic IPO by HeavyStorm on Thursday November 12, 2026 @07:09AM (#50466022)
What the hell is 15% adjusted margin? Lots of mathmagic there I guess...
Re:Anthropic IPO by Kwpolska on Thursday November 12, 2026 @07:17AM (#50466100)
The real number with standard accounting rules is a loss of $567 million (-3% operating margin). But they're adding in "Stock-based compensation expense" (~$1B) and "Non-cash charitable contributions" (~$2B), and they end up with a profit of $2.5 billion.
Re:Anthropic IPO by yorwba on Thursday November 12, 2026 @07:35AM (#50466263)
If you want to know whether the business is hemorrhaging money and will soon be bankrupt, excluding funny money they printed at no cost to themselves is perfectly sensible. Of course for the IPO investors, who're being asked to buy that funny money for real cash, it's a bit concerning if they give away so much of it to other people for less.