When Anthropic's prospectus was released, many were shocked by the $80.7 billion net loss in the first half of the year: if even the leading AI model company is losing money like this, how can others survive? However, a closer look reveals that $72.4 billion of that loss is actually a non-cash accounting adjustment. The reason is simple: the company is too valuable. Its valuation has skyrocketed, with the IPO expected to reach $1.5 trillion. The potential value of its early convertible bonds has also surged. According to GAAP, these convertible bonds must be revalued, and the increased value must be recognized as a book loss. Once they are converted into shares after the IPO, this adjustment will no longer occur. Remove accounting factors and focus solely on core business: • First-half revenue reached US$16.3 billion, 14 times that of the same period last year. • Second-quarter operating profit was US$970 million, marking the first time the company turned a profit. • Cash plus short-term investments totaled US$131.7 billion. Therefore, the soaring revenue, the profitable core business, and ample cash on hand justify a valuation exceeding one trillion dollars. Don't be misled by the numbers.