Anthropic reports $80.7 billion half-year net loss in draft IPO prospectus
In short
Anthropic's draft IPO prospectus shows a net loss of $80.7 billion for the first half of 2026, against $13 billion a year earlier, Russian outlets reported on 21 October citing Reuters and The Wall Street Journal. About $72 billion of the loss comes from a revaluation of convertible bonds that the outlets say is not an operating cash cost. Revenue for the half-year was $16.3 billion.
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Anthropic's draft IPO prospectus shows a net loss of $80.7 billion for the first half of 2026, compared with $13 billion in the same period a year earlier. Interfax, Vedomosti and 3DNews cited Reuters, which had seen the document, while vc.ru, Kommersant and TASS cited The Wall Street Journal. Vedomosti put the figure at 6.2 times the result of the same period last year. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
About $72 billion of the loss comes from an increase in the estimated value of convertible bonds, according to Interfax, Vedomosti, 3DNews and iXBT. Interfax and Vedomosti say this effect is not tied to actual cash costs of the company's operations. TASS, citing the Journal, described the $72 billion as the result of accounting write-offs. [ 2 , 3 , 5 , 6 , 7 ]
3DNews noted that the 2025 net loss of $42 billion also reflected this factor, as the bonds tripled in value. Excluding it, the outlet said, the operating loss for 2025 was about $8.1 billion on revenue of $4.6 billion. [ 6 ]
Revenue for the first half was $16.3 billion, according to vc.ru, Kommersant and iXBT; iXBT gave $1.1 billion for the same period a year earlier. Kommersant reported that two undisclosed customers provided 20% of revenue and that Anthropic expects a significant share of its income to come from a limited number of customers. Spending on computing capacity and infrastructure was about $9 billion, against $2.3 billion a year earlier, and the company has committed at least $518 billion over ten years to cloud services, computing capacity and infrastructure. [ 1 , 2 , 3 , 4 , 7 ]
The outlets differ on third-quarter revenue growth. Interfax and 3DNews reported a 45% rise to $16.8 billion, and Interfax said this was against the second quarter and a marked slowdown. Vedomosti reported a 50% rise to $16.8 billion and said Anthropic had positive free cash flow, an adjusted gross margin of 85% and an adjusted operating margin above 11%. [ 2 , 3 , 6 ]
Anthropic is expected to go public in November, Interfax and Vedomosti said. Vedomosti recalled that the company chose Nasdaq, reported on 13 September, and works with Morgan Stanley, Goldman Sachs and JPMorgan Chase. Reuters had reported plans to raise up to $100 billion at a valuation of about $2 trillion. Interfax and iXBT say some investors now see about $1.5 trillion, while iXBT adds that the final timing is not confirmed. [ 2 , 3 , 7 ]
Why it matters
The figures come ahead of a planned November IPO, and outlets say some investors now see a valuation of about $1.5 trillion rather than the $2 trillion discussed earlier. Business outlets stress that most of the loss is an accounting effect, while the prospectus also shows large spending and long-term infrastructure commitments.
Key facts
- Anthropic's net loss for the first half of 2026 was $80.7 billion, against $13 billion a year earlier, according to its draft IPO prospectus. [ 2 , 3 , 4 , 6 , 7 ]
- About $72 billion of the loss comes from a higher estimated value of convertible bonds, which Interfax, Vedomosti and 3DNews say is not tied to actual cash costs of operations. [ 2 , 3 , 6 , 7 ]
- Revenue in the first half was $16.3 billion. [ 1 , 4 , 7 ]
- Anthropic spent about $9 billion on computing capacity and infrastructure in the half-year, against $2.3 billion a year earlier. [ 2 , 3 , 7 ]
- The company has committed at least $518 billion over ten years to cloud services, computing capacity and infrastructure. [ 2 , 3 , 7 ]
- Two undisclosed customers accounted for 20% of first-half revenue, according to Kommersant. [ 4 ]
- The IPO is expected in November. [ 2 , 3 ]
Confirmed by several sources
- The draft IPO prospectus shows a first-half 2026 net loss of $80.7 billion, against $13 billion in the same period of 2025. [ 2 , 3 , 4 , 6 , 7 ]
- About $72 billion of the loss is a revaluation of convertible bonds, not an actual operating cash cost. [ 2 , 3 , 6 , 7 ]
- Anthropic spent about $9 billion on computing capacity and infrastructure in the half-year, against $2.3 billion a year earlier. [ 2 , 3 , 7 ]
- The company has committed at least $518 billion over ten years to cloud, computing and infrastructure. [ 2 , 3 , 7 ]
- Some investors now consider a valuation of about $1.5 trillion for the IPO, below the $2 trillion discussed earlier. [ 2 , 7 ]
- Anthropic's first-half 2026 revenue was $16.3 billion. [ 1 , 4 , 7 ]
Still unclear
- Growth in third-quarter revenue to $16.8 billion is given as 45% by Interfax and 3DNews and as 50% by Vedomosti. The outlets disagree on the percentage.
- The timing of the IPO is not final. Interfax and Vedomosti say a November IPO is expected or planned, while iXBT says the final timing is not confirmed.
- iXBT, citing The Wall Street Journal, says potential computing spending could reach $750 billion in the coming years. Single-source claim; iXBT says it covers different categories and periods than the $518 billion figure and includes agreements still under discussion.
- The IPO valuation is not settled. Vedomosti and Kommersant cite about $2 trillion, while Interfax and iXBT say some investors now see about $1.5 trillion.
What local media are saying
Timeline, local time
- vc.ru publishes the report citing The Wall Street Journal on 21 October. [ 1 ]
- Interfax reports the loss, citing Reuters and the draft prospectus. [ 2 ]
- Vedomosti publishes its report. [ 3 ]
- Kommersant reports the loss and the revenue concentration among two customers. [ 4 ]
- TASS reports the loss, citing The Wall Street Journal. [ 5 ]
- 3DNews publishes its report. [ 6 ]
- iXBT publishes its report on 22 October. [ 7 ]