Steve Eisman Calls Anthropic’s IPO Filing Omission “Very Intentional”

Investor Steve Eisman called the absence of full third-quarter financial statements from Anthropic’s IPO filing “only very intentional,” highlighting that its reported results stop in June despite selected metrics through September.

Eisman made the remark during an Oct. 28 conversation with host Ed Elson. Anthropic filed its registration statement with the SEC on Oct. 26, 26 days after the third quarter ended.

The filing’s financial statements cover the six months ended June 30, 2026, while selected business metrics run through Sept. 30. It does not explain why it lacks full third-quarter statements. Elson cautioned against treating a theory about filing timing as fact: “Possibly, but that’s a theory. It’s not a fact.”

Anthropic reported $16.286 billion in revenue for the first half of 2026 and an $80.748 billion net loss. Fair-value changes in convertible notes, derivative liabilities and SAFEs contributed $72.388 billion to the loss; Anthropic tied most of the change to its increased valuation. Compute and infrastructure expense totaled $8.945 billion, or 55% of revenue.

The S-1 says no customer accounted for more than 10% of revenue during the nine months ended Sept. 30. Customers outside Anthropic’s five largest generated about 79% of third-quarter revenue. These measures describe customer mix, while the filing’s financial statements do not provide full third-quarter revenue and expense results.

Eisman said his calculation put revenue divided by compute and infrastructure expense at 2.08x in the second quarter and 1.70x in the third. The filing provides no third-quarter compute expense total.

The filing lists multiyear infrastructure arrangements with different terms and payment schedules. It lists at least $110 billion payable to Amazon from May 2026 through April 2036, and at least $114.5 billion to Google from April 2026 through July 2033. Broadcom-related finance lease payments total $161.2 billion over the lives of the leases, excluding interest.

Eisman estimated that future compute commitments could total $800 billion to $900 billion. The S-1 describes contracts and leases that span multiple years.