TLDR
- Anthropic lost $80.7 billion in the first half of 2026, compared with $13 billion a year earlier.
- About $72 billion of the loss was an accounting charge tied to convertible notes.
- Revenue hit $16.3 billion, up from $1.1 billion, and about one-fifth came from two customers.
- Computing and cloud commitments top $600 billion, with up to $150 billion more in talks.
- The company is expected to go public in November, and some investors are weighing a $1.5 trillion valuation.
Anthropic lost $80.7 billion in the first half of 2026, according to a draft prospectus for its planned stock market debut. The Wall Street Journal and Reuters both reviewed the document.
The loss is far larger than the $13 billion reported for the same period last year. It is also bigger than the $42 billion the company lost in all of 2025.
Most of the loss came from an accounting charge, not cash spent on operations. The charge was about $72 billion and relates to the value of convertible notes.
Those notes are bonds that could later turn into company shares. As Anthropic’s valuation rose, the estimated value of the notes went up too.
Revenue climbs, but few customers drive it
Revenue reached about $16.3 billion in the six months ending June 30. That compares with $1.1 billion in the same period a year earlier.
About one-fifth of that revenue came from two customers. Anthropic said it expects a large share of sales to come from a small group of customers for the foreseeable future.
Reuters reported that third-quarter revenue grew 45% to $16.8 billion. The company shared the figure with investors on October 14.
Second-quarter revenue had more than doubled from the first quarter to $11.6 billion. Some investors were disappointed that growth slowed.
The company has gained from demand for Claude Code, a coding assistant used by developers.
Computing costs and risk factors
Anthropic spent nearly $9 billion on computing and infrastructure in the first half. That is up from $2.3 billion a year earlier and more than the $7.3 billion it spent in all of 2025.
The company owes about $450 billion in cloud contracts over the next seven to ten years. Most cannot be canceled, including $111 billion with Google, $110 billion with Amazon Web Services and $31 billion with Microsoft.
It also agreed to spend up to $86 billion on Nvidia chips from Nscale and Lambda. With a Google chip lease through Broadcom, total commitments top $600 billion, and talks could add $150 billion.
The filing says cloud partners were unwilling to provide all the capacity Anthropic sought. It adds that those partners increasingly see the company as a competitor.
About a third of the document covers risks. Anthropic warned that its models can show self-preserving behavior and that a major AI incident could cause damages too large to insure.
Anthropic is expected to go public in November, Reuters reported. Some investors are weighing a valuation near $1.5 trillion, down from talk of $2 trillion, and the company said Sunday it plans to give 5% of its shares to a public benefit fund.
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