{
  "meta": {
    "issuer": "Anthropic, PBC",
    "proposedSymbol": "ANT",
    "edition": "2026-10-31",
    "informationCutoff": "2026-10-31",
    "valuationAnchor": "2026-06-30",
    "units": "USD million; share counts million; rates decimal",
    "valuationConvention": "Financial anchor June30; fullH22026 plus2027–2041. Information cutoffOct31. No unsupportedOctoberbalance-sheetroll-forward. Conditionalas-ifconversionofpreferredandAmazonnotes, excludingunknownnewIPOcashandshares.",
    "readiness": "screen-grade",
    "status": "Source-backed analytical scenario model, not company guidance, consensus, final IPO price, or investment recommendation.",
    "expenseConvention": "Model uses disclosed nature categories; cash compute/personnel/partnership/other cost ratios are analyst proxies before separately modeled owned-asset D&A. Compute costs cover training and serving workloads; they are not gross COGS. No invented token or customer-volume history. Existing finance lease principal is excluded from compute cash-cost definition and deducted once in the bridge; future leased capacity is an operating-equivalent cost proxy, not a financing schedule."
  },
  "market": {
    "currentPrice": null,
    "priceDate": null,
    "ipoPrice": null,
    "ipoNewShares": null,
    "ipoNetProceeds": null,
    "status": "Preliminary S-1 leaves offering price, offer size and final post-IPO denominator blank. No current public share-price comparison is asserted."
  },
  "actuals": {
    "history": [
      {
        "period": "FY2023",
        "status": "reported; audited annual GAAP",
        "sourceId": "S1",
        "sourceLocation": "Summaryp23;ConsolidatedStatementsofOperationsF7;CashFlowsF12–13;Note8SupplementalFinancialInformationF38–39",
        "revenue": 41,
        "computeAndInfrastructure": 433,
        "personnel": 95,
        "bartzSettlementExpense": 0,
        "salesMarketingPartnerships": 2,
        "otherOperatingAdministrative": 62,
        "operatingExpenses": 592,
        "EBIT": -551,
        "interestIncome": 69,
        "fairValueChangeConvertibleNotesDerivativesSAFEs": -1045,
        "otherIncomeExpenseNet": -2,
        "preTaxLoss": -1529,
        "incomeTaxExpense": 2,
        "netIncome": -1531,
        "CFO": -1627,
        "cashPPECapex": 2,
        "DA": 3,
        "SBC_cashFlowAddback": 29,
        "functionalCostOfRevenue": 26,
        "functionalResearchDevelopment": 422,
        "functionalSalesMarketing": 76,
        "functionalGeneralAdministrative": 68,
        "CF_accountsReceivable": -10,
        "CF_prepaidOtherAssets": -1253,
        "CF_accountsPayableAccruedOtherLiabilities": 84,
        "CF_leaseLiabilities": -1,
        "CF_deferredRevenue": 7,
        "CF_otherNoncash": 0,
        "CF_donationMatchingLiability": 0,
        "CF_otherFinancialInstrumentChanges": 0,
        "cashPaidTaxes": 0,
        "increasePPEAcquiredNotPaid": 0,
        "operatingLeaseROUNoncashAdds": 38,
        "financeLeaseROUNoncashAdds": 0,
        "derivedGrossProfit": 15,
        "derivedGrossMargin": 0.36585365853658536,
        "derivedEBITMargin": -13.439024390243903,
        "derivedCFOminusPPECapex": -1629
      },
      {
        "period": "FY2024",
        "status": "reported; audited annual GAAP",
        "sourceId": "S1",
        "sourceLocation": "Summaryp23;ConsolidatedStatementsofOperationsF7;CashFlowsF12–13;Note8SupplementalFinancialInformationF38–39",
        "revenue": 386,
        "computeAndInfrastructure": 2522,
        "personnel": 454,
        "bartzSettlementExpense": 0,
        "salesMarketingPartnerships": 43,
        "otherOperatingAdministrative": 347,
        "operatingExpenses": 3366,
        "EBIT": -2980,
        "interestIncome": 106,
        "fairValueChangeConvertibleNotesDerivativesSAFEs": -5434,
        "otherIncomeExpenseNet": 0,
        "preTaxLoss": -8308,
        "incomeTaxExpense": 1,
        "netIncome": -8309,
        "CFO": -5692,
        "cashPPECapex": 15,
        "DA": 21,
        "SBC_cashFlowAddback": 192,
        "functionalCostOfRevenue": 752,
        "functionalResearchDevelopment": 2275,
        "functionalSalesMarketing": 163,
        "functionalGeneralAdministrative": 176,
        "CF_accountsReceivable": -90,
        "CF_prepaidOtherAssets": -3190,
        "CF_accountsPayableAccruedOtherLiabilities": 222,
        "CF_leaseLiabilities": 0,
        "CF_deferredRevenue": 21,
        "CF_otherNoncash": 7,
        "CF_donationMatchingLiability": 0,
        "CF_otherFinancialInstrumentChanges": 0,
        "cashPaidTaxes": 0,
        "increasePPEAcquiredNotPaid": 1,
        "operatingLeaseROUNoncashAdds": 8,
        "financeLeaseROUNoncashAdds": 0,
        "derivedGrossProfit": -366,
        "derivedGrossMargin": -0.9481865284974094,
        "derivedEBITMargin": -7.72020725388601,
        "derivedCFOminusPPECapex": -5707
      },
      {
        "period": "FY2025",
        "status": "reported; audited annual GAAP",
        "sourceId": "S1",
        "sourceLocation": "Summaryp23;ConsolidatedStatementsofOperationsF7;CashFlowsF12–13;Note8SupplementalFinancialInformationF38–39",
        "revenue": 4585,
        "computeAndInfrastructure": 7326,
        "personnel": 1839,
        "bartzSettlementExpense": 1500,
        "salesMarketingPartnerships": 568,
        "otherOperatingAdministrative": 1412,
        "operatingExpenses": 12645,
        "EBIT": -8060,
        "interestIncome": 431,
        "fairValueChangeConvertibleNotesDerivativesSAFEs": -34308,
        "otherIncomeExpenseNet": -8,
        "preTaxLoss": -41945,
        "incomeTaxExpense": 20,
        "netIncome": -41965,
        "CFO": -2637,
        "cashPPECapex": 131,
        "DA": 40,
        "SBC_cashFlowAddback": 1158,
        "functionalCostOfRevenue": 2773,
        "functionalResearchDevelopment": 6338,
        "functionalSalesMarketing": 911,
        "functionalGeneralAdministrative": 1123,
        "CF_accountsReceivable": -834,
        "CF_prepaidOtherAssets": 1771,
        "CF_accountsPayableAccruedOtherLiabilities": 2079,
        "CF_leaseLiabilities": 13,
        "CF_deferredRevenue": 241,
        "CF_otherNoncash": 11,
        "CF_donationMatchingLiability": 541,
        "CF_otherFinancialInstrumentChanges": 0,
        "cashPaidTaxes": 8,
        "increasePPEAcquiredNotPaid": 10,
        "operatingLeaseROUNoncashAdds": 82,
        "financeLeaseROUNoncashAdds": 0,
        "derivedGrossProfit": 1812,
        "derivedGrossMargin": 0.3952017448200654,
        "derivedEBITMargin": -1.757906215921483,
        "derivedCFOminusPPECapex": -2768
      },
      {
        "period": "H1_2025",
        "status": "reported; unaudited interim GAAP",
        "sourceId": "S1",
        "sourceLocation": "Summaryp23;ConsolidatedStatementsofOperationsF7;CashFlowsF12–13;Note8SupplementalFinancialInformationF38–39",
        "revenue": 1163,
        "computeAndInfrastructure": 2334,
        "personnel": 538,
        "bartzSettlementExpense": 0,
        "salesMarketingPartnerships": 120,
        "otherOperatingAdministrative": 306,
        "operatingExpenses": 3298,
        "EBIT": -2135,
        "interestIncome": 115,
        "fairValueChangeConvertibleNotesDerivativesSAFEs": -10942,
        "otherIncomeExpenseNet": 0,
        "preTaxLoss": -12962,
        "incomeTaxExpense": 7,
        "netIncome": -12969,
        "CFO": -1513,
        "cashPPECapex": 18,
        "DA": 14,
        "SBC_cashFlowAddback": 279,
        "functionalCostOfRevenue": 1019,
        "functionalResearchDevelopment": 1850,
        "functionalSalesMarketing": 239,
        "functionalGeneralAdministrative": 190,
        "CF_accountsReceivable": -384,
        "CF_prepaidOtherAssets": 212,
        "CF_accountsPayableAccruedOtherLiabilities": 257,
        "CF_leaseLiabilities": 7,
        "CF_deferredRevenue": 124,
        "CF_otherNoncash": 5,
        "CF_donationMatchingLiability": 0,
        "CF_otherFinancialInstrumentChanges": 0,
        "cashPaidTaxes": 7,
        "increasePPEAcquiredNotPaid": 1,
        "operatingLeaseROUNoncashAdds": 1,
        "financeLeaseROUNoncashAdds": 0,
        "derivedGrossProfit": 144,
        "derivedGrossMargin": 0.12381771281169389,
        "derivedEBITMargin": -1.8357695614789338,
        "derivedCFOminusPPECapex": -1531
      },
      {
        "period": "H1_2026",
        "status": "reported; unaudited interim GAAP",
        "sourceId": "S1",
        "sourceLocation": "Summaryp23;ConsolidatedStatementsofOperationsF7;CashFlowsF12–13;Note8SupplementalFinancialInformationF38–39",
        "revenue": 16286,
        "computeAndInfrastructure": 8945,
        "personnel": 3152,
        "bartzSettlementExpense": 0,
        "salesMarketingPartnerships": 3168,
        "otherOperatingAdministrative": 1714,
        "operatingExpenses": 16979,
        "EBIT": -693,
        "interestIncome": 1111,
        "fairValueChangeConvertibleNotesDerivativesSAFEs": -72388,
        "otherIncomeExpenseNet": -8757,
        "preTaxLoss": -80727,
        "incomeTaxExpense": 21,
        "netIncome": -80748,
        "CFO": 3929,
        "cashPPECapex": 482,
        "DA": 97,
        "SBC_cashFlowAddback": 2185,
        "functionalCostOfRevenue": 2380,
        "functionalResearchDevelopment": 9741,
        "functionalSalesMarketing": 3808,
        "functionalGeneralAdministrative": 1050,
        "CF_accountsReceivable": -4982,
        "CF_prepaidOtherAssets": 2094,
        "CF_accountsPayableAccruedOtherLiabilities": 2679,
        "CF_leaseLiabilities": -3,
        "CF_deferredRevenue": 1380,
        "CF_otherNoncash": -7,
        "CF_donationMatchingLiability": 126,
        "CF_otherFinancialInstrumentChanges": 8720,
        "cashPaidTaxes": 34,
        "increasePPEAcquiredNotPaid": 148,
        "operatingLeaseROUNoncashAdds": 963,
        "financeLeaseROUNoncashAdds": 445,
        "derivedGrossProfit": 13906,
        "derivedGrossMargin": 0.8538622129436325,
        "derivedEBITMargin": -0.042551885054648166,
        "derivedCFOminusPPECapex": 3447
      }
    ],
    "quarterly": [
      {
        "period": "Q1_2025",
        "status": "reported; unaudited GAAP",
        "sourceId": "S1",
        "sourceLocation": "QuarterlyResultsOfOperationsp158",
        "revenue": 376,
        "computeAndInfrastructure": 944,
        "personnel": 218,
        "bartzSettlementExpense": 0,
        "salesMarketingPartnerships": 24,
        "otherOperatingAdministrative": 125,
        "operatingExpenses": 1311,
        "EBIT": -935,
        "netIncome": -6592,
        "SBC": 105
      },
      {
        "period": "Q2_2025",
        "status": "reported; unaudited GAAP",
        "sourceId": "S1",
        "sourceLocation": "QuarterlyResultsOfOperationsp158",
        "revenue": 787,
        "computeAndInfrastructure": 1390,
        "personnel": 320,
        "bartzSettlementExpense": 0,
        "salesMarketingPartnerships": 96,
        "otherOperatingAdministrative": 181,
        "operatingExpenses": 1987,
        "EBIT": -1200,
        "netIncome": -6377,
        "SBC": 181
      },
      {
        "period": "Q3_2025",
        "status": "reported; unaudited GAAP",
        "sourceId": "S1",
        "sourceLocation": "QuarterlyResultsOfOperationsp158",
        "revenue": 1382,
        "computeAndInfrastructure": 2047,
        "personnel": 489,
        "bartzSettlementExpense": 1500,
        "salesMarketingPartnerships": 202,
        "otherOperatingAdministrative": 233,
        "operatingExpenses": 4471,
        "EBIT": -3089,
        "netIncome": -12138,
        "SBC": 305
      },
      {
        "period": "Q4_2025",
        "status": "reported; unaudited GAAP",
        "sourceId": "S1",
        "sourceLocation": "QuarterlyResultsOfOperationsp158",
        "revenue": 2040,
        "computeAndInfrastructure": 2945,
        "personnel": 812,
        "bartzSettlementExpense": 0,
        "salesMarketingPartnerships": 246,
        "otherOperatingAdministrative": 873,
        "operatingExpenses": 4876,
        "EBIT": -2836,
        "netIncome": -16858,
        "SBC": 574
      },
      {
        "period": "Q1_2026",
        "status": "reported; unaudited GAAP",
        "sourceId": "S1",
        "sourceLocation": "QuarterlyResultsOfOperationsp158",
        "revenue": 4731,
        "computeAndInfrastructure": 3387,
        "personnel": 1295,
        "bartzSettlementExpense": 0,
        "salesMarketingPartnerships": 1033,
        "otherOperatingAdministrative": 683,
        "operatingExpenses": 6398,
        "EBIT": -1667,
        "netIncome": -14439,
        "SBC": 924
      },
      {
        "period": "Q2_2026",
        "status": "reported; unaudited GAAP",
        "sourceId": "S1",
        "sourceLocation": "QuarterlyResultsOfOperationsp158",
        "revenue": 11555,
        "computeAndInfrastructure": 5558,
        "personnel": 1857,
        "bartzSettlementExpense": 0,
        "salesMarketingPartnerships": 2135,
        "otherOperatingAdministrative": 1031,
        "operatingExpenses": 10581,
        "EBIT": 974,
        "netIncome": -66309,
        "SBC": 1261
      }
    ],
    "H1_2026": {
      "period": "H1_2026",
      "status": "reported; unaudited interim GAAP",
      "sourceId": "S1",
      "sourceLocation": "Summaryp23;ConsolidatedStatementsofOperationsF7;CashFlowsF12–13;Note8SupplementalFinancialInformationF38–39",
      "revenue": 16286,
      "computeAndInfrastructure": 8945,
      "personnel": 3152,
      "bartzSettlementExpense": 0,
      "salesMarketingPartnerships": 3168,
      "otherOperatingAdministrative": 1714,
      "operatingExpenses": 16979,
      "EBIT": -693,
      "interestIncome": 1111,
      "fairValueChangeConvertibleNotesDerivativesSAFEs": -72388,
      "otherIncomeExpenseNet": -8757,
      "preTaxLoss": -80727,
      "incomeTaxExpense": 21,
      "netIncome": -80748,
      "CFO": 3929,
      "cashPPECapex": 482,
      "DA": 97,
      "SBC_cashFlowAddback": 2185,
      "functionalCostOfRevenue": 2380,
      "functionalResearchDevelopment": 9741,
      "functionalSalesMarketing": 3808,
      "functionalGeneralAdministrative": 1050,
      "CF_accountsReceivable": -4982,
      "CF_prepaidOtherAssets": 2094,
      "CF_accountsPayableAccruedOtherLiabilities": 2679,
      "CF_leaseLiabilities": -3,
      "CF_deferredRevenue": 1380,
      "CF_otherNoncash": -7,
      "CF_donationMatchingLiability": 126,
      "CF_otherFinancialInstrumentChanges": 8720,
      "cashPaidTaxes": 34,
      "increasePPEAcquiredNotPaid": 148,
      "operatingLeaseROUNoncashAdds": 963,
      "financeLeaseROUNoncashAdds": 445,
      "derivedGrossProfit": 13906,
      "derivedGrossMargin": 0.8538622129436325,
      "derivedEBITMargin": -0.042551885054648166,
      "derivedCFOminusPPECapex": 3447,
      "cashCapex": 482
    },
    "operatingKpis": {
      "status": "issuer-reported;unauditedoperationalKPIs",
      "asOf": "2026-09-30",
      "sourceLocation": "MD&ACustomerDiffusionpp135,143;RiskFactorscustomerconcentration",
      "customers100kTTMRevenueMoreThan": 11900,
      "customers100kTTMRevenueMoreThanPriorSep": 950,
      "customers1mTTMRevenueMoreThan": 1900,
      "customers10mTTMRevenueApproximately": 250,
      "netRevenueRetentionApproximately": 9,
      "top5Share9MRevenueApproximately": 0.25,
      "top5ShareQ3RevenueDerivedFromOutside79pct": 0.21,
      "singleCustomerAbove10pct9M": false,
      "Fortune500PenetrationCustomers100kTTMMoreThan": 0.5,
      "Global2000PenetrationCustomers100kTTMMoreThan": 0.3,
      "kpiWarning": "TTMcustomertiersoverlapandcannotbesummed;NRR900%isnotforecastperpetualretention;calendarrevenueisnotARR."
    }
  },
  "balance": {
    "date": "2026-06-30",
    "status": "reported; unaudited",
    "cash": 112389,
    "shortTermInvestments": 19262,
    "restrictedCash": 2529,
    "financeLeaseLiabilities": 443,
    "operatingLeaseLiabilities": 1079,
    "convertibleNotesBookValue": 108566,
    "convertiblePrincipal": 6203,
    "redeemablePreferredBook": 157510,
    "ppe": 1187,
    "openingCip": 536,
    "openingProductivePPE": 651,
    "BartzRemaining": 1200,
    "unfundedInvestmentCommitment": 265,
    "openingCapexCreditors": 148
  },
  "shareBases": {
    "core": {
      "sharesMillions": 12587.354962,
      "optionExerciseProceeds": 0,
      "asOf": "2026-06-30",
      "status": "Conditional historical illustration, not final IPO denominator",
      "definition": "2,188.041m legal A/N common +8,558.869m common equivalents of preferred +1,840.444962m potential Amazon conversion shares. Assumes full economic conversion although Amazon ownership cap can defer actual conversion. Excludes outstanding options, RSUs, public-benefit distribution, later grants/issuance and IPO."
    },
    "broad": {
      "sharesMillions": 15434.051962,
      "optionExerciseProceeds": 5193.52074,
      "optionWeightedAverageExercisePrice": 2.89,
      "asOf": "2026-06-30",
      "status": "Conditional historical all-exercised illustration, not fully diluted IPO valuation",
      "definition": "Core +1,797.066m options and1,049.631mRSUs. Assumes full exercise of all options at disclosed weighted-average2.89USD, addingapprox5,193.521mUSDexerciseproceeds. Future vesting, forfeiture, netsharewithholding andoptionfairvalue are not reconstructed. Retaining economicSBC inforecastcanoverlapconservativelywiththisgrossclaimstress."
    }
  },
  "model": {
    "openingUsableNol": 0,
    "nolUsageLimit": 0.8,
    "operatingCashReserve": 10000,
    "hardwareFraction": 0.8,
    "infrastructureLife": 20,
    "openingRemainingLife": 3,
    "terminalOwnedMaintenanceFraction": 0.85,
    "referenceEquityIllustration": 1500000,
    "shareClaimLimitations": "Historicalexamplesexclude1.590mshare-settledBunholdback,846.840960mpublic-benefitfundsharesheldwithinsubsidiaryuntiltransferredexternally,91mRSUsgrantedafterJuneand28mClassNdonationissuanceinOctober,otherlatercapitalchangesandIPOissuance. No definitiveIPOprice. All-exercisedbroadexampleissuppressedwhencomputedvalueisbelowaverageoptionstrikebecausefullrationalexerciseisunsupported.",
    "referenceEquityStatus": "Pure hypothetical USD1.5trillion equity threshold for reverseDCF; not an IPO offer price, current quote or verified common-equity market value.",
    "computeCommitmentStress": 0.05,
    "operatingNwcConvention": "Change equals scenarioNWCratio times change in annualizedrevenue runrate. Proxy includes netreceivables/vendorpayables/ordinarydeferredrevenue/hostingadvances; not a fullbalance-sheetprojection. KnownBartzopeningliability1200m andPPEcreditor148m paidseparatelyonceinH2,notembeddedagaininNWC. Unfundedinvestment265m deductedonceinbridgewithnoadditionalassetvalue; thisisaconservativecommitmenttreatment.",
    "openingNolConvention": "OpeningusabletaxNOLsetzero conservatively; reportedDec2025federalNOL8.2bn is not inferred to be fully usableJune2026afterownershipchanges. OnlyforecastoperatinglossescreatemodeledNOLs; fairvalueremeasurementlossesdo not."
  },
  "commitments": {
    "sourceLocation": "Note7F36;Note13F59;Note16F63–64;MD&Amaterialcashcommitments",
    "noncancelablePurchaseCommitmentsJune30": 265600,
    "purchaseTermsYears": [
      1,
      20
    ],
    "purchaseScope": "PrimarilyCSPhostingandotherthirdpartyinfrastructureservices;somecapacityagreementsnofixeddollarexcludedandexpectedmaterial",
    "uncommencedLeasesJune30": 321400,
    "uncommencedLeaseScope": "computeandinfrastructure;commence2026–28;leaseTerms<1to20years;someconditional;somepaymentsmayelectconvertiblenotes",
    "subsequentEventsSinceDec31FixedMinObligations": 417000,
    "subsequentEventsSinceDec31EstimatedAdditionalPaymentsRange": [
      125000,
      150000
    ],
    "subsequentEventsWarning": "December2025financialstatementsubsequenteventdisclosureoverlapscurrentJune30andlaterarrangements;doNOTsumwithoutcontractreconciliation",
    "developmentGuaranteesMaximumJune30": 800,
    "developmentGuaranteesAccrued": "notmaterial",
    "unfundedInvestmentCommitmentJune30": 265,
    "BartzSettlementTotal": 1500,
    "BartzPaid2025": 300,
    "BartzRemainingJune30": 1200,
    "BartzRemainingStatus": "recognizedcurrentliability;settlementapprovedJuly2026;payonceinprojectionorNWCbridge",
    "modelWarning": "Futurecloud/operatingleasepaymentsarenotallownedcapexandnotallcurrentdebt. Reflectconsumptionandpaymentsinoperatingcosts,NWC/advancesand/orinvestmentconsistently;neverdeductentirecommitmentsagainfromEV.",
    "modelConvention": "Compute-service and leased-capacity cash needs are represented in forward cash compute costs and NWC/advances; ownedassetpurchases are capex. Existing financelease443m deducted once inbridge and its principal excludedfromoperatingcostdefinition. Futurecapacityfinancingstructure is notforecastasdebtschedule: forwardcashcostsrepresentoperating-equivalentcapacityaccess. June30uncommencedleases321.4bn andpurchasecommitments265.6bn have differentcategories,conditionsandlongdatedterms; they are NOT deducted as587bncurrentdebt. Missingannualtimingmeansmodelcannotclaimcontract-by-contractpaymentcoverage. Comparecumulativecomputebudgetanduse+5ppcomputecoststress; thisdoesnotprovecontractualcompliance.",
    "unknownRecentAggregate": true
  },
  "sources": [
    {
      "id": "S1",
      "label": "Anthropic Form S-1, filed26October2026, financials F5–F64; preliminary and incomplete",
      "url": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "status": "reported; annualfinancialsaudited,H1unaudited"
    },
    {
      "id": "SECINDEX",
      "label": "SEC filing index 0001628280-26-067168,26October2026",
      "url": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/0001628280-26-067168-index.html",
      "status": "official filing metadata"
    },
    {
      "id": "TREASURY",
      "label": "US Treasury10-yearparyield4.94%,30October2026",
      "url": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?field_tdr_date_value_month=202610&type=daily_treasury_yield_curve",
      "status": "official market observation"
    },
    {
      "id": "WMA",
      "label": "World Market Atlas explicit operating, cost, asset, tax, risk and terminal assumptions",
      "url": "https://world-market-atlas.eu/?view=commentary&lang=pl&post=anthropic-dcf-2026-10-31",
      "status": "analyst_estimate"
    }
  ],
  "cases": {
    "downside": {
      "label": "downside",
      "taxRate": 0.27,
      "nwcRate": 0.05,
      "wacc": {
        "riskFree": 0.0494,
        "riskFreeDate": "2026-10-30",
        "equityRiskPremium": 0.055,
        "beta": 1.8,
        "costOfDebt": 0.08,
        "debtWeight": 0,
        "status": "Risk-free rate is an official dated observation; ERP, beta and zero target financial debt weight are author assumptions. The zero weight assumes economic conversion of convertible instruments."
      },
      "terminal": {
        "g": 0.02,
        "roic": 0.1
      },
      "drivers": [
        {
          "period": "H2 2026E",
          "year": 2026,
          "duration": 0.5,
          "start": 0,
          "end": 0.5,
          "revenue": 32000,
          "hardwareLife": 3,
          "legacySettlement": 1200,
          "openingCapexCreditorPayment": 148,
          "computeCashCostRate": 0.65,
          "personnelRate": 0.23,
          "partnershipsRate": 0.2,
          "otherRate": 0.08,
          "sbcRate": 0.15,
          "ownedCapexRate": 0.04
        },
        {
          "period": "2027E",
          "year": 2027,
          "duration": 1,
          "start": 0.5,
          "end": 1.5,
          "revenue": 60000,
          "hardwareLife": 3,
          "legacySettlement": 0,
          "openingCapexCreditorPayment": 0,
          "computeCashCostRate": 0.7,
          "personnelRate": 0.22,
          "partnershipsRate": 0.2,
          "otherRate": 0.08,
          "sbcRate": 0.13,
          "ownedCapexRate": 0.06
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}