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StocksMediumUpdated×4•Originally published 26 October 2026•Updated 26 October 2026•
4 min read

Anthropic Revenue Reaches $16.29 Billion in First Half as IPO Nears

Key Facts

1Anthropic revenue reached $16.29 billion in the first half of 2026, compared with $1.16 billion in the same period of 2025.
2The company’s revenue reached $4.59 billion in 2025, compared with $386 million in 2024 and $41 million in 2023.
3Some investors valued Anthropic at about $1.5 trillion, down from about $2 trillion a week earlier.
4IPO proceeds could reach $100 billion, according to reports cited by the Associated Press, but the final amount had not been set.

Anthropic’s initial public offering registration statement showed revenue of $16.29 billion in the six months ended June 2026, up from $1.16 billion in the same period of 2025, according to Reuters. The Associated Press said first-half revenue topped $16 billion, equivalent to 14 times revenue in the year-earlier period. The figures show rapid growth at the artificial intelligence company as it prepares to offer shares to investors. But the filing also showed that the company has yet to turn a profit, according to the Associated Press. The offering therefore pairs revenue expansion with questions about Anthropic’s ability to turn demand for its models into returns that support the spending required to run them.

The company’s growth has accelerated in recent years, with revenue rising to $4.59 billion in 2025 from $386 million in 2024 and $41 million in 2023, according to Reuters. Those annual figures preceded the jump in revenue recorded in the first half of 2026. Most of Anthropic’s revenue comes from companies that pay to use its models based on the volume of information they process, while the company also earns revenue from Pro and Max subscriptions, Reuters reported. Under this model, increased use of the models lifts revenue, while the ability to secure computing capacity is directly tied to meeting demand. Customer data also showed the company’s expanding reach among large corporations: more than half of Fortune 500 companies and more than 30% of Global 2000 companies were among its customers, each generating at least $100,000 in revenue during the 12 months through September 30, 2026.

The scale of computing commitments in the filing stands out as a key factor in assessing the growth outlook. Reuters said Anthropic committed at least $110 billion with Amazon, about $114.5 billion with Google, and $44.9 billion with Microsoft for computing over the next seven to 10 years. Those arrangements are in addition to the companies’ investments in Anthropic: Amazon has invested at least $13 billion and agreed to inject up to $20 billion more, while Google pledged to invest up to $40 billion, according to Reuters. From May to October 2026, Anthropic reached agreements with SpaceX for access to computing capacity valued at up to $120.5 billion through 2029, Fortune reported. The company is also operating under the name “Anthropic Direct” to secure sites and facilities for its data centers and rent capacity from partners, with the aim of diversifying its computing sources and reducing its reliance on competing service providers.

The disclosure of these commitments comes amid investor interest in the potential returns on AI spending. Some current and prospective investors valued Anthropic at about $1.5 trillion, down from about $2 trillion a week earlier, after the company disclosed financial details at an investor event, Reuters reported. The Associated Press had reported that private investors valued the company at about $965 billion earlier in 2026, while the final IPO valuation had not been set. “Enthusiasm for AI’s potential to transform businesses, boost productivity and reshape entire sectors remains high, but investors have become more selective,” said Susannah Streeter of Wealth Club. Thomas Hayes of Great Hill Capital, meanwhile, said the investment bet rests on the expectation that invested capital will ultimately generate a return.

The registration remains at an early stage: Anthropic has not set the number of shares or a price range, and said the registration has not become effective. As a result, shares cannot be sold and offers to buy cannot be accepted before the registration becomes effective. The Associated Press cited reports that IPO proceeds could reach $100 billion, but the final amount, valuation and offering price had not been set at the time of publication. If the offering reaches that amount, it could surpass the record set by SpaceX’s IPO in June, which raised $86 billion, according to the agency. Reuters said Anthropic expected an offering before Thanksgiving, while its filing warned that revenue growth could slow and fluctuate from time to time. The company also warned that advanced AI systems could pose “catastrophic or existential risks to humanity” without appropriate safeguards, oversight and security.