Anthropic Reports $16.286 Billion in First-Half Revenue as It Files IPO Prospectus
Key Facts
Anthropic filed a registration statement for an initial public offering with the U.S. Securities and Exchange Commission on October 26, 2026, disclosing revenue of $16.286 billion in the first half of the year. Revenue exceeded the $1.163 billion the company recorded in the same period of 2025, according to the registration statement. Net loss in the same period was $80.7 billion, compared with a loss of $13 billion a year earlier. The figures put business growth and large losses together at the forefront of disclosures investors will assess ahead of the offering. The company said it intends to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT, but has not specified the number of shares or the price range.
Operating results appear less negative than net loss: the operating loss was $693 million in the first half of 2026. The annual operating loss was $8.06 billion in 2025, after reaching $2.98 billion in 2024, according to Reuters. The contrast highlights the widening gap between the loss from operations and the bottom-line loss reported for the first half. Net loss in the same period last year was $13 billion, making the comparison between the two first-half results different from the trajectory of annual operating losses. The results show that rapid revenue growth did not prevent a huge net loss in the period covered by the filing.
The financial picture broadens when computing and infrastructure costs are considered: they reached $8.945 billion in the first half of 2026. Those expenses rose from $2.334 billion in the corresponding period of 2025, while their share of revenue fell from 201% to 55%. The company attributed the increase to taking delivery of computing capacity previously committed to under arrangements with cloud service providers. Reuters said most of Anthropic's revenue comes from companies paying to use its models, alongside Pro and Max subscriptions. The reliance on usage and subscriptions means commercial expansion is proceeding alongside substantial spending on computing capacity.
Long-term commitments reveal another side of the expansion equation: Reuters said the company pledged to spend more than $500 billion with six partners over a decade. The news agency noted that some parts of the agreements are non-cancellable or require payment regardless of usage. The arrangements include, according to Reuters, spending at least $110 billion with Amazon, about $114.5 billion with Google and $44.9 billion with Microsoft on cloud computing over the next seven to 10 years. Reuters also reported that Amazon has invested at least $13 billion in Anthropic and agreed to invest up to an additional $20 billion, while Google pledged to invest up to $40 billion. These figures link the company's funding from its partners with its commitments to buy computing services from them.
Anthropic also draws on revenue growth in previous years: revenue was $4.59 billion in 2025, compared with $386 million in 2024 and $41 million in 2023, according to Reuters. This comes as the company relies heavily, according to the news agency, on corporate use of its models, with additional income from Pro and Max subscriptions. In its offering filing, Anthropic said artificial intelligence models could pose "catastrophic or existential risks to humanity," a warning that puts technology risks among the disclosures investors face. Reuters also reported that the governance structure provides for an independent body to elect a majority of the board. The combination of model risks and governance arrangements adds a dimension beyond the assessment of revenue and losses alone.
The registration statement has not yet become effective, and the company said the securities may not be sold before it does. Anthropic has also not announced the number of shares it plans to offer or their price range, while The Associated Press said the final proceeds, valuation and offering price remain unsettled. Reuters reported that the company filed confidential offering papers in June 2026 and that an offering was expected in November, while an Axios report cited unconfirmed expectations of potential proceeds of nearly $100 billion and a valuation of $2 trillion. Those figures remain circulating estimates, not terms the company announced in its filing. A roadshow is due to begin about two weeks after the filing, according to a report by The Information, ahead of an offering expected in mid-November.