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Every stock in the Philadelphia chip index rose as Anthropic filed for its IPO, and Tesla jumped on a SpaceX merger bet. At home, the banks slipped. Let's dig in 👇💬 Anthropic's filing lifted every chi...
On Oct 26, $Anthropic.US finally filed its prospectus. The opening page reads like a study in contrasts. Dolphin Research wrote in Jan in 'Deep Dive on Minimax and Zhipu: Large Models...'
On one hand, Q2 revenue was $11.56 bn (+14x YoY). It posted GAAP operating profit for the first time.
On the other hand, over the past ten months it signed compute contracts totaling nearly $1 tn. That equals 22x its annualized revenue.
$Anthropic(ANT.US) Anthropic reported $16.286 billion in revenue and a $80.748 billion GAAP net loss for the first half of 2026. Put those figures side by side and they make a striking headline. They ...
Anthropic's IPO is a tailwind for $Alphabet - C(GOOG.US)
This is not investment advice!
Oct 21 | Dolphin Research Focus: 🐬 Stocks 1) $JD.com(JD.US) JD's discount supermarket will open its first Hengshui store on Nov 6, leveraging the 11.11 promo to advance its offline hard-discount format. The store targets household essentials such as fresh produce and staples like grains and cooking oil, closing the offline gap for its online retail.
Competition in the hard-discount track is heating up, and JD is accelerating store rollout on the back of its supply-chain strengths. Offline stores could add new users, but near-term store ramp and profitability realization still warrant monitoring. 2) $POP MART(09992.HK) POP MART's stock has been trending weaker recently.The slide continues...Good morning! It is Oct 16, 2026 (Beijing). Dolphin Research brings you a quick take on global markets.
Moves: Thu, 10/15 close vs. prior session. Trading focus: Anthropic's quarterly rev growth slowed, and memory supply concerns resurfaced.Asian chip stocks tumbled; KOSPI -7.6% with an intraday circuit breaker halt, SK Hynix -11%...The bearish headline that OpenAI's ARR went from 70bn to 50bn triggered a global pullback in AI plays.
Dolphin Research offers a quick take on where expectations diverge.1) The 70bn vs 50bn gap mostly reflects definitional differences rather than a real shortfall. Many leading model vendors periodically disclose ARR, but methodology matters — gross vs net revenue, annualizing a 28-day avg x12 vs a single recent week x52, etc.
Disclosure timing matters too, e.g., whether it follows a blockbuster flagship launch or a promotion; without that context, cross-company comparisons are not apples-to-apples.Anthropic Lost $42 Billion. Only About $8 Billion Came From Running the Business.
Wed 30 Sep 2026 | Evening
The Numbers
Reuters reports, citing Anthropic's IPO prospectus, a net loss of nearly US$42 billion in 2025. Roughly US$34 billion of that was a valuation-related accounting charge. The operating loss still widened to US$8.06 billion from US$2.98 billion in 2024. Anthropic had US$20.28 billion in cash and short-term investments against US$518 billion of future cloud, computing and infrastructure obligations, and nearly a quarter of 2025 revenue came from two customers. Today's video asks which of those figures is firmest: the loss, the obligations, or the customers.
My Personal Take
My first reaction to US$42 billion was that it had to mean the business was failing. What I almost missed is that US$34 billion of it is an accounting charge tied to valuation, which leaves an operating loss of US$8.06 billion. This morning I wrote about giving CDL credit for cash that has not arrived. The same discipline applies here, in reverse: the US$518 billion is the contracted side of this story, and the customer spending behind it is the side I cannot see. I do not know the period those obligations run over, so I cannot say how large they are in any one year. A disclosed schedule by year would change how I read this. 🦖
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Sep 23 | Dolphin Research Focus: 🐬 Macro/Industry — 1) OpenAI and Anthropic roll out budget models, kicking off an AI price war. Anthropic released Claude Opus 5.5 with costs down 40% and speed up 30%.
OpenAI launched GPT-6 Sol and Luna, with API pricing 50% lower vs. GPT-5.6. The cuts are driven by Chinese open-weight models grabbing share, pushing frontier models to compete on price-to-performance. This favors the app layer and developers but adds to the giants' cash-burn pressure...In IPO news… Vantage Data Centers is exploring going public at an enormous $100B valuation.
If you’re not familiar, $Oracle(ORCL.US) is their anchor tenant for Stargate (OpenAI end user), and Vantage develops/operates hyperscaler DCs.Anthropic IPO is also expected, with investors expecting $2T valuation, eclipsing $SpaceX(SPCX.US) per FT.Yeah… idk about Anthropic valuations. Jim Cramer defending that valuation is never a good sign. On a side note, Opus 5 is probably the worst consumer LLM I’ve used to date, it’s like a 5 IQ LLM operating off terrible data retrieval. With a Fable-like God complex on top.Enterprise is probably having a better time though. Unitree IPO is also expected this month and priced it at a $9B valuation. Which is a positive tailwind for Unitree for the humanoid sectors. Not really an AI name but SHEIN is going public as soon as the 19th this month.Go ask any girl you know and they’re probably familiar with this platform.
