4 sources healthy · latest episode 9 Nov 2026
descriptive claim

Anthropic's free-cash-flow margins were extremely negative in earlier periods, with cited values including -4,000% and -1,500%.

Jamin Ball · Deep Dive: Anthropic S-1 Myths and Mythos — Jamin Ball, Altimeter · 7 Nov 2026

In their words

The transcript segments this claim was taken from

“Which I had to cut the chart, right? Like, like negative 4,000%, negative 1,500%, you know, super, super negative. If, if I actually drew the axes to scale, it, it would, it wouldn't look real.”
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