Anthropic draft IPO filing shows $80.7 billion half-year net loss on $16.3 billion revenue

Anthropic recorded a net loss of $80.7 billion (about 107 trillion won) in the first half of 2026 on revenue of $16.3 billion (about 21.6 trillion won), according to a draft registration statement (S-1) obtained by the Wall Street Journal, which reported it on 20 October US time, Korean outlets said. Revenue was about 15 times the $1.1 billion of the same period a year earlier. Chosun Ilbo put the multiple at 14.8, Electronic Times described a 1,500% increase, and Seoul Economic Daily described a rise of more than 1,300%. [ 1 , 2 , 3 , 4 , 6 ]

Of the loss, $72 billion came from changes in the value of convertible bonds and similar instruments issued to raise funds, an accounting loss, the outlets reported. Newsis said this is distinct from actual cash outflow. Chosun Ilbo calculated that without this item the net loss would be $8.7 billion. Seoul Economic Daily said the instruments' value is tied to the company's share value and so would grow if the company's value rises after its listing next month. The loss compares with $42 billion for all of last year, according to Korea Economic Daily, Electronic Times and Seoul Economic Daily, and with $13 billion in the first half of last year, according to Newsis and Chosun Ilbo. [ 1 , 2 , 3 , 4 , 6 ]

Anthropic spent about $9 billion on compute capacity and infrastructure in the half, above the $7.3 billion it spent in all of last year. Newsis put that at about four times the $2.3 billion of a year earlier. Chosun Ilbo said second-quarter revenue was $11.6 billion against $4.73 billion in the first quarter, and that compute and infrastructure spending per dollar of revenue fell from about $2.09 to $0.55. [ 1 , 2 , 3 , 4 , 6 ]

Future payments for compute total about $450 billion over 7 to 10 years, and most of the contracts cannot be cancelled. Korea Economic Daily and Electronic Times listed $111 billion to Google Cloud, $110 billion to Amazon Web Services and $31 billion to Microsoft. Adding Google chip leases through Broadcom brings commitments above $600 billion. Outlets said talks on further contracts could raise the figure to as much as $750 billion; Chosun Ilbo cited the Wall Street Journal as saying those talks could add up to $150 billion. [ 1 , 2 , 3 , 4 , 6 ]

The filing lists risks. About one fifth of first-half revenue came from two customers, and Anthropic expects a significant share of revenue to keep coming from a few customers. Korea Economic Daily and Electronic Times said the large cloud providers see Anthropic as a competitor and it has had difficulty securing capacity, so it is building its own data centers; Newsis said Anthropic stated it had requested more capacity than providers can supply. It also cited the possibility that AI models show self-preserving behavior or blackmail-like responses, liability for major AI incidents, and local opposition to data centers. [ 1 , 2 , 3 , 4 ]

The filing also disclosed executive pay. Dario Amodei and Daniela Amodei each had a base salary of $655,000 last year, with total pay of $18 million and $16.5 million. The Wall Street Journal assessed this as close to the median for S&P 500 chief executives and somewhat below major tech executives, Korea Economic Daily and Electronic Times said. The co-founders pledged to donate 80% of their personal stakes to charity. Newsis said Anthropic is preparing a large IPO aiming at a valuation of up to $2 trillion. [ 1 , 2 , 3 , 4 ]