Anthropic’s net loss widened to $80.7 billion in the first half of 2026, largely due to an accounting charge linked to bonds that can be converted into shares, according to a draft prospectus for the artificial intelligence company’s planned initial public offering.
The San Francisco-based company’s loss compared with $13 billion in the same period a year earlier. The latest figure included a $72 billion charge reflecting an increase in the estimated fair value of the convertible bonds, rather than cash expenses associated with its operations, the document said.
Anthropic is expected to go public in November. Following its latest financial disclosures, some investors are considering a lower valuation of around $1.5 trillion, Reuters reported last week.
The figures highlight the substantial financial commitments involved in developing advanced AI systems, as investors increasingly question whether spending on computing chips, data centres and other infrastructure will generate sufficient returns.
Anthropic has committed to spending at least $518 billion over the next decade on cloud services, computing and infrastructure. It spent nearly $9 billion on computing capacity and infrastructure in the first half of 2026, up from $2.3 billion a year earlier, according to the draft prospectus.
At a meeting with investors on 14 October, Anthropic said revenue rose 45 per cent in the third quarter to $16.8 billion from the previous quarter,
The increase helped address some concerns about the costs of developing AI systems, but some investors were disappointed by the slower pace of quarterly growth. Revenue had more than doubled from the first quarter to reach $11.6 billion in the second quarter.
A weaker reception for Anthropic’s IPO could affect the broader AI market, with investors viewing the share sale as an important test of demand ahead of a potential listing by rival OpenAI next year.
Reuters reported in September that Anthropic recorded a net loss of $42 billion in 2025, most of which was attributed to a similar accounting charge. As the company’s valuation rose, the estimated fair value of its convertible notes tripled year on year.
Excluding that charge, Anthropic reported an operating loss of approximately $8.1 billion on revenue of $4.6 billion in 2025.
The company has attracted growing demand for Claude Code, its AI coding assistant, which developers use to write software and build applications.
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