Anthropic Posts $80.7 Billion Net Loss in First Half of 2026 Ahead of IPO
Anthropic disclosed in a confidential draft IPO prospectus that it recorded a net loss of $80.7 billion in the first half of 2026, up from $13 billion a year earlier. The Wall Street Journal first reported the figures, with Reuters and dozens of outlets following; the company still targets a November listing.
Anthropic's net loss for the first half of 2026 was $80.7 billion versus $13 billion in the same period a year earlier. About $72 billion of the loss came from non-cash accounting charges tied to changes in the value of convertible notes and other financing instruments. Stripping out those charges leaves roughly $8.7 billion, but that remainder is not an operating-loss figure and does not measure cash spent running the business.
Revenue for the half reached about $16.3 billion, up from about $1.1 billion a year earlier, an increase of nearly 15 times. Full-year 2025 revenue was about $4.6 billion, roughly 12 times the prior year, while the 2025 net loss was about $42 billion, again mostly a non-cash accounting charge. On an operating basis, Anthropic lost more than $8 billion in 2025 on nearly $13 billion of operating expenses. Compute and infrastructure spending in the first half of 2026 was nearly $9 billion, surpassing the $7.3 billion spent across all of 2025.
The draft shows at least $518 billion of compute, cloud and infrastructure commitments over roughly a decade, with some reports putting the total above $600 billion and others as high as $750 billion including deals still under negotiation. Of that, about $450 billion covers cloud computing agreements over the next seven to ten years, most of them non-cancellable, including $111 billion to Google Cloud, $110 billion to Amazon Web Services and $31 billion to Microsoft, plus up to $86 billion to Broadcom. Anthropic is also weighing roughly $150 billion in additional compute deals.
At an October 14 investor meeting, Anthropic said third-quarter revenue rose 45% to $16.8 billion from the prior quarter and that it was profitable on an adjusted basis during the quarter. Each dollar spent on compute generated $1.70 of revenue. The annualized revenue run rate is about $67 billion, though full-year 2026 revenue is expected to come in below $100 billion, short of what some backers had anticipated.
Anthropic plans to start its IPO roadshow the week of November 9 and to begin trading before Thanksgiving, with Goldman Sachs and Morgan Stanley leading the offering. Investor valuation expectations have ranged from $1.8 trillion to $2 trillion, though some investors have pushed for about $1.5 trillion. Anthropic confidentially submitted its draft S-1 registration statement to the U.S. Securities and Exchange Commission on June 1.
Beyond the headline loss, the draft flags customer concentration and AI-related liability risks. Whether Anthropic's massive spending commitments can be matched by revenue growth is the central question for investors assessing its path to profitability. All figures are drawn from The Wall Street Journal and Reuters reporting on the confidential draft; the document itself has not been made public.