Claude maker Anthropic's IPO (initial public offering) filing shows an $80.7 billion net loss in the first six months of 2026. This is the first official look at the company's financials.
The loss on paper seems massive because about $72 billion is a non-cash accounting charge, according to reports on the filing. Convertible bonds rose in value as Anthropic's valuation soared, and that gets booked as a loss. The operating loss for the period was actually under $1 billion, compared to a net loss of about $42 billion for the entire year of 2025.
Revenue in the first half of 2026 jumped over 14 times to $16.3 billion from $1.1 billion a year earlier. In fact, it was more than annual revenue of 2025 which stood at about $4.6 billion. Anthropic has also told investors that revenue for the July-September quarter touched $16.8 billion, up 45% from the previous quarter, according to the Wall Street Journal.
The company's real risk to the books comes from computing. It spent nearly $9 billion on computing in six months compared with $7.3 billion in all of 2025. Compute is the computing power needed to train and run AI models.
According to a WSJ report, the company has commitments of hundreds of billions, reportedly up to $750 billion. The filing also admits cloud partners don't always supply the capacity it wants. Cloud partners hold back capacity because they increasingly see Anthropic as a competitor.
And the other concern is that about 20% of revenue comes from two customers.
The filing also warns a catastrophic AI incident could exceed its insurance coverage.
The IPO marketing could start as soon as the week of 9 November, according to Bloomberg.
The question looming large on the Street is: Can Anthropic's revenue grow fast enough to fund the compute bill?
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