TLDR
- Anthropic reported a net loss of $80.7 billion in the first half of 2026, up from $13 billion a year earlier.
- About $72 billion of the loss came from accounting charges tied to convertible notes, not cash costs.
- Revenue reached $16.3 billion in the first half, up from $1.1 billion, with about one-fifth from two customers.
- The company has cloud and computing commitments of more than $600 billion, with up to $150 billion more under negotiation.
- Anthropic is expected to go public in November, and some investors are weighing a valuation near $1.5 trillion.
Anthropic reported a net loss of $80.7 billion for the first half of 2026, according to a draft IPO prospectus reviewed by The Wall Street Journal and Reuters. The loss compares with $13 billion in the same period a year earlier. It is one of the largest half-year losses ever reported.
A new Anthropic S-1 leak has dropped. 👀
According to a draft seen by the Wall Street Journal, Anthropic recorded an $80.7 billion net loss for the first half of this year. Last year, it saw a net loss of $13 billion during the same period.
The company continues to signal it's… pic.twitter.com/bVn49gATNu
— Yahoo Finance (@YahooFinance) October 20, 2026
Most of the loss was not tied to day-to-day operations. About $72 billion came from an accounting charge linked to the value of convertible notes and other financing instruments. Those notes could eventually turn into Anthropic shares.
A similar charge drove the company’s $42 billion net loss in 2025. As Anthropic’s valuation rose, the estimated value of those notes tripled year over year. Without the charge, the company had an operating loss of about $8.1 billion on $4.6 billion of revenue in 2025.
Revenue and customers
Revenue reached about $16.3 billion in the six months ended June 30. That is up from $1.1 billion in the same period of 2025. The company has benefited from the popularity of Claude Code, its coding assistant.
The prospectus shows revenue is concentrated. About one-fifth of first-half revenue came from two customers. Anthropic said it expects a large share of revenue to come from a limited number of customers for the foreseeable future.
At an investor meeting on October 14, Anthropic said third-quarter revenue rose 45% to $16.8 billion from the prior quarter, Reuters reported. Revenue had more than doubled in the second quarter, to $11.6 billion. Some investors were disappointed by the slower growth rate.
Computing costs and commitments
Anthropic spent nearly $9 billion on computing capacity and infrastructure in the first half. That is up from $2.3 billion a year earlier. It is also more than the $7.3 billion the company spent in all of 2025.
The company owes about $450 billion in cloud computing agreements over the next seven to ten years. Most of these deals cannot be canceled. They include $111 billion with Google, $110 billion with Amazon Web Services and $31 billion with Microsoft.
Anthropic also agreed to spend up to $86 billion renting Nvidia chips from Nscale and Lambda. Adding a lease of Google chips through Broadcom worth more than $160 billion, future infrastructure costs top $600 billion. The company is negotiating deals that could add up to $150 billion.
The filing says Anthropic asked for more capacity than its cloud partners were willing to provide. It also says those partners increasingly view the company as a competitor. Some data center operators it works with have limited operating history, and their facilities may be less reliable.
Risks and leadership pay
About a third of the prospectus covers risk factors. Anthropic said its AI models can show self-preserving behavior and can produce responses that resemble blackmail. It also warned that a major AI-related incident could cause damages too large to insure.
The company noted growing political resistance to data center projects. Co-founders Dario and Daniela Amodei earned base salaries of about $655,000 in 2025. Their total pay was about $18 million and $16.5 million, respectively.
On Sunday, Anthropic said it plans to commit 5% of its shares to a new public benefit fund. Reuters reported the company is expected to list in November, with some investors weighing a valuation of about $1.5 trillion, down from earlier talk of $2 trillion.
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