Anthropic had a net loss of $80.7 billion in the first six months of 2026, according to a draft IPO prospectus reviewed by The Wall Street Journal. The numbers are disclosed only weeks before the AI company is expected to go public at a valuation of almost $2 trillion, adding even more scrutiny to the cost of its expansion.
Most of the reported loss does not represent money flowing out of Anthropic’s coffers. About $72 billion stemmed from accounting adjustments linked to changes in the value of convertible notes and other financial instruments the company issued to raise capital, The Wall Street Journal reported.
Anthropic’s losses were far lower in the first half of 2025, when they stood at about $13 billion.
Setting aside the accounting charges, Anthropic is also spending heavily to support its growth. The Telegraph reported that computing and infrastructure costs reached nearly $9 billion in the first half of 2026, already exceeding the company’s spending on those items for all of 2025.
Anthropic’s revenue climbed to about $16.3 billion in the first half of 2026, compared with $1.1 billion in the same period last year and total revenue of $4.6 billion for all of 2025.
The size of Anthropic’s compute bill
Anthropic has made a lot of commitments to ensure the computing capacity needed to expand its AI business is well and truly secured. The company’s cloud contracts all total about $450 billion over the next seven to 10 years, which is a figure that could rise to $750 billion as the company negotiates additional deals.
These commitments include about $111 billion for Google Cloud, $110 billion with Amazon Web Services and $31 billion with Microsoft.
Anthropic has also agreed to spend up to $86 billion renting Nvidia chips from Nscale and Lambda, along with more than $160 billion to lease Google chips through Broadcom.
A warning about data center opposition
According to Anthropic, the growing opposition to data center construction could pose a political risk, adding in its prospectus that resistance to new projects was becoming more and more organized across different jurisdictions.
Most of Anthropic’s data center capacity is based in the United States, although the company has signed letters of intent for facilities in other countries.
In 2025, Anthropic CEO Dario Amodei and president Daniela Amodei each received a base salary of about $655,000.
The siblings have pledged 80% of their respective stakes to philanthropy. Separately, Anthropic plans to set aside 5% of its shares for a public benefit fund it announced on October 18.
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