America's two leading AI labs reported a combined $81 billion in losses for 2025. Roughly $64 billion of that was never actually spent. Under GAAP, it's mostly a record of how much richer their investors got. Here's the mechanism. Anthropic raised money through instruments that convert into shares later, and accounting rules treat those as liabilities that get re-marked every period. When the valuation ran from $965 billion in May toward the $2 trillion it's now seeking, the estimated value of…