Eisman questions Anthropic S-1 for omitting Q3 financials as filing reveals $16.3B revenue

On October 26, 2026, Anthropic submitted its S-1 filing and moved ahead with its IPO process. On October 30, the Wall Street Journal reported that the S-1 discloses the company's heavy reliance on TSMC chips made in Taiwan, warning of "potential disruption" amid geopolitical tensions with China, and that this concentration of AI chip production on the island puts it among America's top foreign policy interests.

Later the same day, Steve Eisman, a portfolio manager known as one of the原型 of the film The Big Short for his bets against subprime mortgages before the global financial crisis, went on a podcast and challenged the scope of the data disclosed in the filing. Eisman questioned why Anthropic's S-1, submitted on October 26, reported financials only through June and left out third-quarter results. When asked whether the omission was deliberate, he replied that it absolutely was. He cited two sets of data from recent media reports: first, that Anthropic posted Q3 revenue of $16.8 billion, up 45 percent, a sharp slowdown from the 144 percent growth rate in Q2; second, that the company generated only $1.70 in revenue for every $1 spent on compute and infrastructure in the third quarter, down from the second quarter's level. As of this writing, Anthropic has not publicly responded to Eisman's claims.