Anthropic's draft S-1 shows $16.3 billion in first-half revenue and an $80.7 billion net loss

Anthropic's draft IPO prospectus, reviewed by The Wall Street Journal, shows revenue of $16.3 billion in the first half of 2026, up from $1.1 billion a year earlier. The company spent nearly $9 billion on compute and infrastructure in those six months, more than all of 2025, and posted an $80.7 billion net loss, $72 billion of it from non-cash charges tied to convertible notes and other financing instruments. It has about $450 billion in noncancelable cloud commitments, including $111 billion with Google, $110 billion with AWS and $31 billion with Microsoft, and says it could spend up to $750 billion on more capacity. Two customers account for about 20% of revenue. The IPO could value Anthropic at about $2 trillion.