Anthropic IPO: prospectus shows a $80.7B loss in six months

On October 20, The Wall Street Journal described the draft prospectus Anthropic is preparing ahead of its stock market debut. According to investingLive’s write-up of the WSJ report, the maker of Claude had about $16.3 billion in revenue and an $80.7 billion net loss in the first half of 2026. Anthropic declined to comment.

What’s in the prospectus ahead of the Anthropic IPO?

Anthropic confirmed on June 1 that it had confidentially submitted a draft Form S-1 to the US SEC, the document that comes before a listing. The numbers from that draft are now coming out piece by piece: in September Reuters described the 2025 results, and now the WSJ has obtained the figures for the first half of 2026.

The key numbers according to TradingKey and investingLive (both cite the WSJ):

1. Revenue in the first half of 2026: $16.3 billion, up from $1.1 billion a year earlier. That’s almost 15 times more.
2. Net loss: $80.7 billion, compared with about $13 billion in the first half of 2025.
3. Spending on compute and infrastructure: almost $9 billion in six months, more than in all of 2025 (about $7.3 billion).
4. Two unnamed customers account for roughly one fifth of revenue for the half.

Where does an $80.7 billion loss come from with growth like that?

Most of that amount isn’t money that left the bank account. About $72 billion is an accounting charge tied to the revaluation of convertible notes and other instruments Anthropic used to fund its growth. The higher the company is valued, the more expensive the securities that can be converted into its shares become on the books.

The same mechanism shows up in the 2025 results. According to a write-up of the Reuters report, Anthropic had almost $4.6 billion in revenue and a $42 billion net loss that year, of which about $34 billion was a similar charge. The operating loss was about $8 billion (versus about $3 billion in 2024).

Interestingly, on October 14 Anthropic showed potential investors its third-quarter results: according to Implicator.ai, which cites the Financial Times and CNBC among others, revenue reached $16.8 billion in a single quarter, and the company was profitable on an adjusted basis for the second quarter in a row (this is not net profit under standard accounting, and the figures don’t come from audited financial statements).

$750 billion for compute?

This is probably the most staggering part of the prospectus. According to the WSJ, Anthropic has more than $600 billion in contracted infrastructure commitments, and talks about up to another $150 billion could push the total to about $750 billion.

Among them:

1. about $111 billion for Google Cloud,
2. about $110 billion for AWS,
3. about $31 billion for Microsoft Azure,
4. up to $86 billion for Nscale and Lambda for capacity on Nvidia chips (through 2033–2034),
5. more than $160 billion in deals tied to Broadcom and Google chips.

About $450 billion of this is cloud payments spread over 7–10 years, and most of it can’t be cancelled. In other words, Anthropic is betting that demand for Claude will keep growing at the pace these revenue numbers show.

What should we watch out for?

First, it’s still a draft: the numbers in the public version of the prospectus may change, and for now we only know them secondhand.

Second, the risks described in the document itself. According to TradingKey, the risk factors include models behaving against human intentions, data leaks and incidents whose consequences could exceed insurance coverage, as well as local opposition to building data centers.

Third, the valuation. Reports keep repeating a figure of up to $2 trillion, but that’s market expectation, not a set share price. According to TradingKey, after the new figures some investors were considering about $1.5 trillion. Let’s take both numbers with a grain of salt until the official offering terms are out.

What’s next?

There’s still no debut date, exchange or ticker. Implicator.ai writes about a planned November IPO, TradingKey only says that Anthropic is “accelerating its plans”.

For us Claude users, one thing matters most: the company is spending more on compute than ever, and that translates both into new models and modes, like the faster Opus 5.5 or Claude Mythos, which made headlines last week, and into a spiral of costs that, unfortunately, may end in higher prices.

FAQ

When is the Anthropic IPO?

There’s no official date. Anthropic confidentially submitted a draft S-1 on June 1, 2026, and the debut depends on the SEC review and market conditions. Some media report November 2026.

How much will Anthropic be worth on the stock market?

Reports mention up to $2 trillion, and according to some accounts certain investors are considering about $1.5 trillion. These are estimates, not an offering price.

Is Anthropic profitable?

Not under standard accounting: the net loss for the first half of 2026 was $80.7 billion, mainly because of charges on financial instruments. The company does, however, report adjusted profitability for the second and third quarters of 2026.