Anthropic's first-half net loss reached $80.7 billion, draft IPO filing shows

Anthropic recorded a net loss of $80.7 billion in the first half of 2026, up from $13 billion a year earlier, according to a draft IPO prospectus reviewed by The Wall Street Journal and reported by Reuters.

Most of the loss came from a $72 billion accounting charge linked to the rising worth of bonds that holders could exchange for Anthropic equity. The charge does not represent cash spent on operations.

Anthropic put close to $9 billion toward infrastructure and computing capacity during the first six months of the year, versus $2.3 billion over the same stretch in 2025. The company has pledged to spend a minimum of $518 billion across 10 years on infrastructure, computing power and cloud services.

Anthropic did not respond to a request for comment from Reuters.

The San Francisco-based company is expected to list its shares in November. Some investors are now considering a price tag near $1.5 trillion for the company after its newest financial disclosures, according to Reuters.

Anthropic told prospective investors last week that its third-quarter revenue reached $16.8 billion and that it was profitable on an adjusted basis. Reuters reported that the revenue figure was up 45% from the previous quarter.

Certain investors had pegged an appropriate valuation between $1.8 trillion and $2 trillion before the latest disclosures. Anthropic is targeting the week of Nov. 9 to start its IPO roadshow, though the timeline is not final.

The company's 2025 IPO prospectus figures showed a net loss of close to $42 billion for that year. Close to $34 billion of that came from an accounting charge tied to financing instruments that could convert into company stock. Operating loss for 2025 exceeded $8 billion on revenue of close to $4.6 billion.

Morgan Stanley $MS, Goldman Sachs $GS and JPMorgan $JPM are leading the offering, and Nasdaq $NDAQ has been selected as the listing venue.