Anthropic Draft IPO Filing Shows $80.7 Billion First-Half Loss: About $72 Billion Is a Non-Cash Convertible-Note Charge
Anthropic recorded a net loss of $80.7 billion in the first half of 2026, according to a draft IPO prospectus reported by The Wall Street Journal and Reuters, compared with a $13 billion loss a year earlier and a loss of about $42 billion for all of 2025. It is one of the largest half-year losses ever reported.
Most of the loss is not cash out the door. About $72 billion resulted from accounting charges tied to changes in the value of convertible notes and other financing instruments the company issued to raise funding: as Anthropic's valuation rises, those instruments are worth more, and accounting rules require the increase to be booked as a loss.
The underlying business is expanding quickly. Revenue reached $16.3 billion in the first half, up from about $1.1 billion a year earlier, while spending on computing capacity and infrastructure rose to nearly $9 billion, from $2.3 billion a year earlier and more than the roughly $7.3 billion spent in all of 2025. According to Reuters, the company has committed to spending at least $518 billion over a decade on cloud services, computing and infrastructure.
Roughly a third of the draft prospectus is devoted to risk factors. The filing reportedly discloses that two customers accounted for about 20 percent of first-half revenue, and it flags liability for harmful model behavior and growing political resistance to data center construction.
Anthropic is expected to go public in November. Reuters has reported that investors have recently discussed a valuation of around $1.5 trillion, down from roughly $2 trillion previously expected. Anthropic declined to comment. The prospectus remains a confidential draft, and the figures may be revised before a final public filing.
Source: GSM · USA (original Chinese edition)
Photo: 图：Anthropic 首席执行官 Dario Amodei（左三）2025 年 10 月在东京与日本首相高市早苗（左四）会面。照片：日本内阁官房发布，CC BY，经维基共享资源。 / Photo: Anthropic CEO Dario Amodei (third from left) meeting Japanese Prime Minister Sanae Takaichi (fourth from left) in Tokyo in October 2025. Photo by the Cabinet Public Affairs Office of Japan, CC BY, via Wikimedia Commons.
- 2026-10-21Anthropic Draft IPO Filing Shows $80.7 Billion First-Half Loss: About $72 Billion Is a Non-Cash Convertible-Note ChargeThis story
- 2026-10-26Follow-Up: Anthropic Makes Its IPO Filing Public: $16.29 Billion in First-Half Revenue, a Planned Nasdaq Listing Under ANT, and Founders Keeping 50.1% of the Vote
