Eisman Questions Anthropic Prospectus for Concealing Latest Quarterly Financial Data
Steve Eisman, the real-life inspiration for "The Big Short," publicly questioned Anthropic's prospectus filed on October 26, which discloses financial data only through June, saying it "very deliberately" concealed the latest quarterly data. Citing Reuters data, he noted that Anthropic's quarterly revenue growth had slowed from 144% in the second quarter to 45% in the third quarter, and said the company's cost structure for generating revenue is also deteriorating. Anthropic has not yet responded to these allegations; it is seeking a valuation of about $2 trillion.
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Eisman pointed out that the prospectus's financial data only goes through June and that growth slowed from 144% to 45%, providing a transparency perspective for evaluating Anthropic's high valuation.
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Steve Eisman, the real-life inspiration for "The Big Short," has publicly questioned Anthropic, saying the company seeking a valuation of about $2 trillion "very deliberately" withheld its latest quarterly financial data.
On Wednesday, October 28, Eisman asked on the "Prof G Markets" podcast why the prospectus Anthropic filed on October 26 contained financial data only through June. When asked whether the omission was intentional, he gave just one answer:
All I can say is it was very deliberate.
Citing Reuters data, he noted that Anthropic's quarterly revenue growth had slowed from 144% in the second quarter to 45% in the third quarter. According to the podcast and more recent information cited by Yahoo, its "explosive growth" may be losing momentum.
Eisman also pointed out that the economic model by which the company generates revenue is showing clear signs of deterioration, and that this is precisely the information excluded from the prospectus.
Source of the allegation: a well-known investor famed for foreseeing the subprime crisis
Steve Eisman rose to fame after being portrayed in "The Big Short" as the man who saw the subprime crisis coming, and his professional reputation is built on identifying financial absurdities that Wall Street broadly overlooked.
Eisman's core question is this: Anthropic's prospectus is dated October 26 but covers financial data only through the end of June, which means the market is assessing the company's nearly $2 trillion valuation on the basis of financial information with a gap of at least one full quarter.
Eisman further noted that while revenue growth is slowing, the company's cost structure for generating revenue is also deteriorating, making the financial picture more complicated than the prospectus presents.
The heart of this controversy is the growing gap between lofty AI valuations and actual financial performance. Anthropic has enormous infrastructure capital commitments and remains loss-making; if its latest data show that growth momentum has already weakened, the growth assumptions underpinning a nearly $2 trillion valuation will face a direct challenge.
Anthropic has not yet publicly responded to the allegations. For potential investors, Eisman's questions mean that, before the formal IPO, the company's latest quarterly financial transparency will become a key focus of scrutiny. Risk warning and disclaimer
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