Investigators focus on control-centre order after Spain train crash US warns allies of renewed Iran strikes as Vance letter awaits reply Russian drone kills 14 at Dnipro station as Ukraine mounts record drone raid Congo Ebola outbreak passes 10,000 cases as neighbours and Europe weigh risk Israel deadlocked as Likud claims Arab parties stole the vote Lagarde to leave ECB early as bank holds rates at 2.5%Alphabet shares tumble after results, reviving worries over AI spending Oleshky truce holds as Europe splits over Putin call Iran reports tankers hitting mines in Hormuz as US says main routes are clear Bolsonaro calls himself Brazil's leader from Miami as Trump derides the vote Greek container ship sinks after naval drone attack off Bulgaria Saudi-led coalition downs Houthi missile as UN warns of access crisis in Taiz Hong Kong leader apologises over Tai Po fire as housing secretary resigns Europe to release 42 million barrels as oil majors post record profits North Korea fires about ten ballistic missiles as border dispute deepens US growth beats forecasts as inflation climbs, raising pressure on Fed Study links Indonesian haze to over 5,200 deaths as Singapore sends envoy China expels 33 officials and promotes General Zhang Shengmin to the Politburo EUFOR helicopter crashes in Bosnia, at least three dead Samsung posts biggest profit in tech history as AI memory boom lifts Korea and Japan Serbia's RTS chief resigns and news editors replaced after student-led election win Haiti postpones presidential election to 2027 as El Salvador pledges troops US bans imports from three Chinese genomics firms and Chinese testing labs, Beijing protests Death toll rises to six after Cyclone Arnab hits eastern India Anthropic's IPO filing sparks debate over $80bn loss and risk warnings China threatens countermeasures over EU trade curbs as Steinmeier visits Beijing Hebron lockdown enters second week as settlers accused of assaulting activists in West Bank UN mission says Al Obeid civilians are trapped between drones and incarceration as UAE jails eight over Sudan arms US imposes new sanctions on Rwanda over conflict in eastern Congo Volkswagen reports third-quarter loss of 5.8 billion euros Pentagon treats base freezer failures as suspected cyberattack after French supermarket sabotage Russia-Africa summit ends as Ethiopia receives Russian fighter jets Chinese tech stocks fall despite surge in chip sales French protests weigh on retailers and Macron as new rallies loom Israeli strikes hit Gaza as Health Ministry urges Rafah opening Courts and prosecutors collide with election fights days before US midterms Venezuela to offer state assets to private sector as Maduro trial judge dies Afghan opium cultivation surges despite Taliban ban, UN says Pound steady after Healey's 'continuity budget'DoorDash to buy Instacart for $17bn Taiwan suspects China behind brief Pakistani airspace ban on its airlines Albanian opposition disrupts parliament with flares after 17 days of protests Investigators focus on control-centre order after Spain train crash US warns allies of renewed Iran strikes as Vance letter awaits reply Russian drone kills 14 at Dnipro station as Ukraine mounts record drone raid Congo Ebola outbreak passes 10,000 cases as neighbours and Europe weigh risk Israel deadlocked as Likud claims Arab parties stole the vote Lagarde to leave ECB early as bank holds rates at 2.5%Alphabet shares tumble after results, reviving worries over AI spending Oleshky truce holds as Europe splits over Putin call Iran reports tankers hitting mines in Hormuz as US says main routes are clear Bolsonaro calls himself Brazil's leader from Miami as Trump derides the vote Greek container ship sinks after naval drone attack off Bulgaria Saudi-led coalition downs Houthi missile as UN warns of access crisis in Taiz Hong Kong leader apologises over Tai Po fire as housing secretary resigns Europe to release 42 million barrels as oil majors post record profits North Korea fires about ten ballistic missiles as border dispute deepens US growth beats forecasts as inflation climbs, raising pressure on Fed Study links Indonesian haze to over 5,200 deaths as Singapore sends envoy China expels 33 officials and promotes General Zhang Shengmin to the Politburo EUFOR helicopter crashes in Bosnia, at least three dead Samsung posts biggest profit in tech history as AI memory boom lifts Korea and Japan Serbia's RTS chief resigns and news editors replaced after student-led election win Haiti postpones presidential election to 2027 as El Salvador pledges troops US bans imports from three Chinese genomics firms and Chinese testing labs, Beijing protests Death toll rises to six after Cyclone Arnab hits eastern India Anthropic's IPO filing sparks debate over $80bn loss and risk warnings China threatens countermeasures over EU trade curbs as Steinmeier visits Beijing Hebron lockdown enters second week as settlers accused of assaulting activists in West Bank UN mission says Al Obeid civilians are trapped between drones and incarceration as UAE jails eight over Sudan arms US imposes new sanctions on Rwanda over conflict in eastern Congo Volkswagen reports third-quarter loss of 5.8 billion euros Pentagon treats base freezer failures as suspected cyberattack after French supermarket sabotage Russia-Africa summit ends as Ethiopia receives Russian fighter jets Chinese tech stocks fall despite surge in chip sales French protests weigh on retailers and Macron as new rallies loom Israeli strikes hit Gaza as Health Ministry urges Rafah opening Courts and prosecutors collide with election fights days before US midterms Venezuela to offer state assets to private sector as Maduro trial judge dies Afghan opium cultivation surges despite Taliban ban, UN says Pound steady after Healey's 'continuity budget'DoorDash to buy Instacart for $17bn Taiwan suspects China behind brief Pakistani airspace ban on its airlines Albanian opposition disrupts parliament with flares after 17 days of protests

Symbolic image: Anthropic's IPO filing sparks debate over $80bn loss and risk warnings

Symbolic image

Anthropic's IPO filing sparks debate over $80bn loss and risk warnings

3 sources

Analysts are dissecting Anthropic's stock-market prospectus, published on Monday, which shows a net loss of about $80bn next to rapid revenue growth.

FAZ reports that the loss is largely a non-cash effect: $72.4bn of Anthropic's adjustments relate to convertible bonds, whose fair value rises with the company's valuation. Google has fully converted its bonds, while Amazon still holds about $6.2bn in nominal value. Christof Schürmann of the Flossbach von Storch Research Institute calls the adjustments accounting-correct and points instead to first-half revenue of $16.3bn, an operating loss of $693m and positive operating cash flow of $3.9bn. He warns that conversions could dilute other shareholders.

Risk factors and open commitments

The Financial Times notes that risk factors fill 94 of the prospectus's 335 pages. They include a dispute with the US government, which has declared Anthropic a "supply-chain risk", and a warning of "catastrophic or existential" risks without safeguards. The schedule for multiyear, non-cancellable infrastructure purchase commitments is still blank.

Valuation and investor appetite

The FT cites a valuation of up to $1.75tn and says fear of missing out may outweigh doubts, as a financier told its columnist. Bloomberg headlines point to scepticism among Australian CIOs and a possible AI rally; only the headlines were available.