**JUST IN:** Most of **Anthropic's** amount is not cash. About **$72B** comes from non-cash convertible-note and other financing adjustments that grow with valuation, leaving roughly **$8.7B**.

The draft **S-1** shows **$16.3B** in **first-half** revenue versus **$1.1B** a year earlier, with **20%** from two customers, and an IPO tentatively set for **November** at around **$2 trillion**.

 [Trade on WEEX](https://www.weex.com/en/register?vipCode=stockbot)** ****