EL7.AI
StocksMediumUpdated×2•Originally published 20 October 2026•Updated 21 October 2026•
4 min read

Anthropic losses reach $80.7 billion in first half ahead of expected IPO

Key Facts

1Anthropic's net loss reached $80.7 billion in the first half of 2026.
2The first-half loss included $72 billion in accounting charges tied to the revaluation of financing instruments.
3Anthropic's revenue reached $16.3 billion in the first half of 2026.
4Anthropic has committed to spending at least $518 billion over a decade on cloud services, computing and infrastructure.

Anthropic posted a net loss of $80.7 billion in the first half of 2026, according to a draft prospectus reviewed by the Wall Street Journal, as the company prepares for its market debut. The net loss in the corresponding half a year earlier was $13 billion, Reuters reported, citing the draft, with losses widening during a period that also saw sales rise. First-half revenue reached $16.3 billion, according to Investing, citing the newspaper. The draft compared that figure with revenue of $1.1 billion in the same period a year earlier. Revenue growth and widening losses coincided with discussions among investors about the company's valuation in its expected initial public offering, according to Reuters coverage.

The first-half loss included $72 billion in accounting charges, according to Reuters, tied to the revaluation of convertible bonds and other financing instruments issued by Anthropic. The charges were linked to an increase in the estimated value of bonds convertible into shares, as part of the accounting treatment of instruments used to finance the company. The charges were noncash, rather than cash costs associated with running the artificial intelligence business, according to the description in the agency's coverage. Spending on computing capacity and infrastructure totaled nearly $9 billion in the first half, according to Investing, citing the Wall Street Journal. The draft also disclosed risks related to customer concentration and uncertainty over access to the computing capacity the company needs.

After the period covered by the first-half figures, Anthropic's third-quarter revenue reached $16.8 billion, according to participants in an investor meeting who spoke to Reuters about the company's presentation of its performance. Second-quarter revenue had totaled $11.6 billion, according to the comparison the company presented during the same meeting with prospective investors. Anthropic also told attendees it had made a profit "on an adjusted basis" in the third quarter, Reuters reported, citing the participants. The announcement of adjusted profitability concerned third-quarter performance, while the large net loss in the draft prospectus related to the first half of the year. In valuation discussions ahead of the offering, some investors moved to revise their expectations for the company's value, according to a Reuters report published on October 15.

Those investors discussed a valuation of about $1.5 trillion, according to Reuters, in their talks about Anthropic's potential value when it enters the market through an initial public offering. They had previously expected a valuation of about $2 trillion for the offering, according to the same report on investors revising their expectations ahead of the listing. In the AI infrastructure sector, CoreWeave shares fell on Thursday, October 15, according to the agency's coverage of that session. CoreWeave bonds also declined, with pressure extending to debt instruments alongside the company's shares on the same day. Its securities fell amid concerns about reliance on borrowing to fund the expansion of AI infrastructure, Reuters reported.

For its long-term needs, Anthropic has committed to spending at least $518 billion on cloud services, computing and infrastructure, according to Reuters. Those commitments span a decade, covering resources the company's business relies on over a period extending beyond the spending recorded in the first half. The draft prospectus reviewed by the Wall Street Journal indicated potential spending of up to $750 billion to secure additional computing capacity in the coming years. That potential spending includes deals still under negotiation, according to the draft, as the company seeks additional resources for its business. The plans to secure computing capacity come as the company listed uncertain access to the capacity it needs among the risks associated with its business.

Alongside its preparations for the offering, Anthropic announced the allocation of a stake in its shares to the Public Benefit Fund, subject to shareholder approval of the proposed move. The company said in its announcement: "Subject to shareholder approval, 5% of Anthropic's shares will be allocated today," specifying the size of the stake it intends to give the fund. It added that it would disclose more details about the Public Benefit Fund's structure and governance in the coming months, as part of its announced next steps. Reuters suggested the expected market debut would likely be delayed until after the U.S. midterm elections in November. The period after the November elections remains the likely timing in the agency's coverage of the offering, while the company made the allocation of the fund's stake conditional on obtaining shareholder approval.