Anthropic’s net loss reaches $80.7 billion in first half of 2026

Key Facts

Anthropic filed a registration statement with the U.S. Securities and Exchange Commission on October 26 for a proposed initial public offering, disclosing a net loss of $80.7 billion in the first half of 2026. The net loss was $13 billion in the same period of 2025, according to company data cited by the agency. The operating loss was $693 million in the first half of 2026. The gap between the net and operating losses puts the impact of accounting revaluation at the center of how investors assess the company’s results ahead of the offering.

By contrast, Anthropic generated revenue of $16.29 billion in the six months ended June 2026, according to Reuters. Annual revenue rose from $41 million in 2023 to $386 million in 2024, then to $4.59 billion in 2025. The agency said the company posted an operating loss of $2.98 billion in 2024, which widened to $8.06 billion in 2025 before reaching $693 million in the first half of 2026. The figures show revenue expanding alongside continued operating losses, although the first-half operating loss was below the total for the previous year. The disclosure of revenue and cost trends is among the information investors are watching before the offering’s valuation and terms are set.

The registration statement does not yet include an IPO price range, the number of shares on offer or the total number of shares after the offering, according to Fortune. Anthropic said the number of Class A shares to be offered and their price range have not yet been determined, and that the registration statement has not become effective. The company added that shares cannot be sold before the registration becomes effective. It plans to list its shares on the Nasdaq Global Select Market under the ticker ANT, according to the Associated Press. Details of the offering’s size and pricing remain subject to later disclosures, while Reuters said the company is expected to offer shares before Thanksgiving, though the registration statement does not set a listing date.

The valuation cited by some investors has fallen to about $1.5 trillion, from about $2 trillion a week earlier, Reuters reported on October 26. The agency linked the decline to Anthropic’s disclosure of some financial details at an investor event. Reuters said investors are scrutinizing returns on AI investments, debt risks and borrowing costs. These concerns highlight the scale of spending needed to expand the company’s capacity to run its models and services. The agency reported that Anthropic has committed to spending more than $500 billion with six partners over a decade, and that parts of the agreements are non-cancellable or require payment regardless of usage.

The financing commitments include investments from major partners. Amazon has invested at least $13 billion in Anthropic and agreed to provide up to an additional $20 billion, according to Reuters. Google has also committed to provide the company with up to $40 billion, the agency said. The IPO filing came weeks after Chief Executive Dario Amodei published an essay calling for a slowdown in the development of the most advanced AI models, the Associated Press reported. The agency said the offering could provide significant resources for the company’s expansion. The registration filing, meanwhile, listed risks including retaining key employees, regulatory hurdles and securing enough computing capacity to run AI systems.

On ownership structure, the registration filing describes one Class F share held by a limited liability company owned by the seven founders, granting 50.1% of shareholder votes without economic rights, according to Fortune. The Associated Press said the founders collectively own about 500 million shares, but the offering document does not make clear what proportion of the company those shares would represent after the IPO. This differs from the estimate of 1.69 billion shares in an earlier version of the story, so that figure is not used here. Elsewhere in the market, SpaceX raised $86 billion in its June 2026 IPO, a record, according to the Associated Press. The agency said Anthropic’s offering could exceed SpaceX’s proceeds, but the IPO’s timing, size and terms have not been settled in the registration statement.