Anthropic is preparing to file its IPO prospectus publicly as soon as tomorrow. When it does, investors will see a figure that has already made headlines from the confidential draft: a net loss of $80.7 billion for H1 2026.
Anthropic didn’t spend $72 billion of that loss. It’s an accounting charge on convertible bonds that Anthropic’s early investors bought over the past three years. As Anthropic’s valuation climbed, the shares those bonds can convert into became more valuable, so accounting rules required Anthropic to record the increase as a loss.
Amazon is one of the investors that bought those bonds. Because Amazon is a public company, its quarterly reports show how much the rise in Anthropic’s valuation added to its profit.
Alphabet reports third-quarter results on October 28, and Amazon reports the following day. When those reports come out, their net income will include gains from Anthropic’s valuation, so investors will need a way to separate those gains from what each business earned.
The full audit below works out how much of Amazon’s H1 profit came from Anthropic’s rising valuation. It also explains why the same question is harder to answer for Alphabet, and how Anthropic’s IPO price could affect both companies’ earnings. You’ll finish with a three-step test you can run on any AI investor before Alphabet and Amazon report next week.