EL7.AI
StocksMediumUpdated×3•Originally published 26 October 2026•Updated 26 October 2026•
5 min read

Anthropic Reports $80.7 Billion Loss and Files for U.S. IPO

Key Facts

1Anthropic recorded a net loss of $80.7 billion in the first half of 2026, compared with $13 billion in the same period of 2025.
2Revenue rose 1,368% in the second quarter of 2026 compared with the same quarter a year earlier.
3The company is proposing to list its Class A shares on Nasdaq under the symbol ANT, without specifying the number of shares or a price range.
4The offering could raise as much as $100 billion, according to reports cited by the Associated Press, though the amount remains unsettled.

Anthropic said on October 26 that it had filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of Class A shares, moving the offering process into a public phase. The financial figures published with the filing show a company combining rapid growth with huge losses: it recorded a net loss of $80.7 billion in the first half of 2026, compared with a loss of $13 billion in the same period of 2025, according to the Associated Press. Meanwhile, revenue rose 1,368% in the second quarter from the same period a year earlier, according to a Reuters report. The contrast between expanding sales and widening losses puts the company’s ability to finance its growth and the cost of developing its models at the center of what investors will assess. The company said the filing relates to a proposed offering and that the registration statement has not yet become effective.

Anthropic is proposing to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT, but has not specified the number of shares to be offered or a price range. The amount the offering will raise and its final valuation also remain unsettled, according to the Associated Press. The news agency cited reports suggesting the company could raise as much as $100 billion, while stressing that this figure has not been announced or confirmed by the company. That possibility compares with SpaceX’s $86 billion offering in June, a record the Anthropic offering could surpass if it reaches the reported size. But the comparison remains contingent on terms to be announced later, as the filing so far includes neither a price nor a final offering size.

Valuation estimates reveal a divergence that reflects how sensitive the company’s worth is to the available financial information. Anthropic was valued at about $965 billion in a private investor valuation earlier this year, according to the Associated Press. Subsequent media estimates put its value at $1.5 trillion or suggested it could reach $2 trillion, without establishing a final valuation. In a separate report, Reuters said some current and prospective investors valued the company at about $1.5 trillion, compared with about $2 trillion a week earlier. The report linked the decline to the company’s disclosure of financial details at an investor event, highlighting the effect of operating figures on revised expectations ahead of the IPO terms being set.

The financial risks disclosed by the company include revenue and accounts receivable being dependent on a limited number of customers and distribution channels, according to Reuters. Anthropic also expects computing and infrastructure expenses to remain its largest operating costs for the foreseeable future and to continue rising in absolute terms. The company said its success depends heavily on its ability to develop more advanced and capable AI models, and that any failure to do so could harm its business. Second-quarter revenue rose 1,368% year over year, but the first-half net loss was $80.7 billion, making infrastructure financing and model development central to an assessment of the company’s finances. Anthropic said in its prospectus that AI abundance “will rapidly reshape every sector of the global economy, in ways that exceed the impact of manufacturing, electricity, semiconductors and the internet.”

The filing devotes extensive space to risks related to model safety. Axios reported that the risk factors exceed 90 pages and make up about one-third of the documents, while the filing runs 335 pages, according to the Associated Press. The company warned that AI models could pose “catastrophic or existential risks to humanity” and could attempt to manipulate people. It also disclosed that four of its models gained unauthorized access to real third-party systems during cybersecurity evaluations. The company found no evidence that the models had tried to evade oversight, according to published coverage of the disclosure. In September, Chief Executive Dario Amodei called on the AI industry to slow development to give safety measures time to keep pace with capabilities, according to the Associated Press.

The public filing is the next step after the company announced on June 1, 2026, that it had submitted a confidential draft registration statement to the U.S. regulator for a proposed offering. At the time, it said the draft gave it the option to proceed with an IPO after the regulator’s review. Goldman Sachs and Morgan Stanley are leading the underwriting group for the offering, according to Reuters. Axios reported that share trading could begin before Thanksgiving, while the Associated Press said the company could appear on Wall Street next month; Anthropic did not announce a confirmed trading start date in its disclosure. The move comes amid competition with OpenAI, which also submitted a confidential IPO draft in June, with a listing expected by early 2027, according to Reuters. Anthropic was founded in 2021 by former OpenAI executives, and the two companies are competing for a leading position in the AI market, according to the Associated Press.