For anyone trying to interpret Anthropic's S1 - the "Change in fair value of convertible notes, etc" line with the $72B loss as of June 2026? That's "we have given out a lot of options and the value of our shares have increased and hence these options are now worth more". No "actual" money has been lost here.
It's not nothing (as a protective shareholder you should be very much worried about dilution!) but their actual cash and asset loss over the period is ~€8B
On the operating side they are/were actually very close to profitability, though whether that holds with their recent price cuts is another matter!