It cost Anthropic 71 cents in compute to earn a dollar of revenue in Q1. By Q2, that was projected to fall to 56 cents. That ratio is the entire IPO. The profit claim in the headline flows downstream of it. And look, "adjusted operating profit" deserves the jokes. WeWork ran the same play in 2017 with "Community-Adjusted EBITDA," a metric that turned a $933 million loss into a $233 million profit by excluding marketing, admin, and design. The S-1 became a punchline and the IPO died on the…

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JUST IN: Anthropic says they’re highly profitable if you take out some of their biggest expenses.