Anthropic Reports $16.3 Billion in Revenue and Discloses $80.7 Billion Net Loss
Key Facts
Anthropic filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of Class A shares, reporting revenue of $16.3 billion in the first half of 2026, compared with $1.2 billion in the same period of 2025, or about 13.5 times as much. Net loss, meanwhile, was $80.7 billion, compared with a loss of $13 billion a year earlier. The company said it intends to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. It has not specified the number of shares to be offered or the price range, and the registration statement has not yet become effective. The filing thus begins a public path toward an offering without settling its terms or timing.
The net loss reflects a large accounting item tied to financing instruments: Fortune said $72.4 billion of it stemmed from an accounting charge related to an increase in the value of convertible notes issued by Anthropic. On a different operating measure, the company’s operating loss narrowed to $693 million in the six months ended in June, from $2.1 billion in the same period of 2025. The company also said it generated adjusted profit of $1.6 billion, with a margin of about 10%, after excluding stock-based compensation and noncash charitable contributions. That does not change the reported massive net loss, but it shows how the picture differs depending on the accounting measure used. The figures at the same time show business expansion and improvement in some operating indicators during the period.
The company recorded positive operating cash flow of $3.9 billion in the first half of 2026, after reporting negative cash flow of $1.5 billion in the same period a year earlier. On the revenue side, its five largest customers accounted for about 25% during the first nine months of 2026. About half of revenue also flowed through the cloud marketplaces of Amazon, Google and Microsoft, according to Fortune. This concentration puts a large share of sales in the hands of a limited group of customers and cloud distribution platforms. Anthropic estimated that 5% to 7% of its revenue this year came from customers it later discovered had violated its usage policies, adding a challenge in enforcing those policies across its customer base.
The company’s valuation and the size of the offering remain subject to media estimates, rather than terms announced by Anthropic. The Associated Press reported circulating estimates that put its potential valuation at $1.5 trillion or perhaps $2 trillion, and said the offering could raise as much as $100 billion, though the final amount remains unclear. The agency said a possible Wall Street debut next month could surpass SpaceX’s offering in June, which raised $86 billion, but the company has not announced a final date for trading to begin. In the ownership structure, the seven founders collectively hold about 500 million shares, while a special share class gives them 50.1% of shareholder votes, according to the agency. The offering document did not specify what percentage the founders’ ownership would represent after the IPO.
The public filing follows Anthropic’s announcement on June 1, 2026, that it had submitted a confidential draft S-1 registration statement, saying at the time that the step gave it the option to go to market after completing the SEC’s review. The risk factors section of the offering document runs to nearly 100 pages, according to the Associated Press, and includes the possibility that the company’s models could pose catastrophic or existential risks to humanity. Anthropic has not specified the number of shares on offer or the price range, nor has it settled the company’s valuation or the proceeds from the offering. Under its announcement, the securities may not be sold and offers to buy them may not be accepted before the registration statement becomes effective. Those terms and the trading timetable will remain subject to subsequent disclosures and the SEC’s review.