Why does David Sacks say Anthropic's $80 billion loss is not a real loss?

David Sacks said on All-In that the $80 billion loss came from convertible notes Anthropic issued to infrastructure partners such as Amazon. As Anthropic's valuation rose, those notes were booked as a loss that flowed into the income statement, but no cash left the company, and issuing equity instead would have avoided it. He said the S-1 shows the opposite of a money-losing business: roughly $110 billion raised, only $9 to $10 billion spent, and around $100 billion still on hand.

• Sacks put Anthropic's gross margin at about 85%.
• Sacks said a given task gets about 10x cheaper each year, so Anthropic can cut prices about 50% and still widen margins.
• Sacks credited what Anthropic calls compute multipliers: algorithmic gains, better data curation and more efficient architectures.

Source: our own transcription of the episode. The full conversation is on All-In with Chamath, Jason, Sacks & Friedberg (2026-10-30). Read the whole episode summary →

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