Investor Michael Burry said Anthropic has reached what he described as bubble-level valuation territory, arguing that the AI company is now worth enough to buy 78 profitable companies in the S&P 500, including Domino’s and Lululemon. In his post on Substack, Burry did not specify which Anthropic valuation figure he was using.
The report cited Anthropic’s May private funding round, which valued the company at $965 billion. It also referenced a leaked draft prospectus reported by Fortune, showing a net loss of $42 billion in 2025. Reuters said most of that figure reflected accounting charges rather than operating expenses. The same filing showed Anthropic generated $11.5 billion in revenue in the second quarter of 2026 and posted operating profit for a second straight quarter.
Anthropic is planning to go public before Thanksgiving, with potential investors currently assigning a fair value range of $1.8 trillion to $2 trillion. The report added that Burry has previously warned about the stock market and questioned whether Anthropic can sustain a long-term valuation near $1 trillion.
Michael Burry said in a Substack post that AI company Anthropic has reached bubble-level valuation territory, with a market value large enough to buy 78 profitable companies in the S&P 500, including Domino’s and Lululemon.
Burry did not specify which Anthropic valuation figure he used. The report said the company was valued at $965 billion in a private funding round in May.
Leaked filing showed loss and revenue figures
According to Fortune, a leaked draft prospectus for Anthropic showed a net loss of $42 billion in 2025. Reuters said most of that amount was made up of accounting charges rather than operating expenses.
The same document showed Anthropic generated $11.5 billion in revenue in the second quarter of 2026 and posted operating profit for a second consecutive quarter.
IPO plan and investor valuation range
Anthropic plans to go public before Thanksgiving. Potential investors are currently assigning the company a fair value of $1.8 trillion to $2 trillion.
The report also said Burry has previously warned about the stock market and questioned whether Anthropic can maintain a long-term valuation near $1 trillion.
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