Anthropic revenue jumps to $16.286 billion as it files for IPO
Key Facts
Anthropic filed its preliminary IPO registration statement with the U.S. Securities and Exchange Commission on October 26, 2026, disclosing revenue of $16.286 billion for the six months ended June 30, compared with $1.163 billion in the same period of 2025. The figures reflect a rapid expansion in the company's business ahead of a potential offering, though filing the registration statement does not mean the listing is complete. In the same filing, the company reported a net loss of $80.748 billion in the first half, compared with a loss of $12.969 billion a year earlier. But its operating loss under accounting standards narrowed to $693 million from $2.135 billion. The contrast between revenue growth and improved operations on one hand, and the extraordinary net loss on the other, stands out as the company seeks to attract investors to its offering.
Much of the net loss is tied to an accounting item for changes in the fair value of convertible securities, derivative liabilities and financing agreements known as SAFEs, which amounted to $72.388 billion in the first half of 2026. Reuters reported that most of the net loss reflected accounting charges related to changes in the value of financing instruments. That puts the revaluation item at the center of the gap between the net loss and operating loss, without changing the figure reported in the filing. At the same time, the company continues to report an operating loss, although it is far below its level a year earlier. Anthropic says its growth is unlikely to continue at the same rates, with annual revenue growth reaching 1,300% in the six months ended June 30.
Computing and infrastructure expenses rose to $8.945 billion in the first half of 2026, from $2.334 billion in the same period, but their share of revenue fell to 55% from 201%. The relative decline reflects revenue growing faster than these expenses during the period, despite an increase in absolute spending on computing capacity. Net cash flow from operating activities also turned positive at $3.929 billion, after using $1.513 billion a year earlier. The company said its computing and infrastructure buildout plans “are changing the cash flow profile of our business” and “will mean elevated capital expenditures.” According to Reuters, Anthropic's long-term commitments for computing and hosting exceeded $417 billion by early 2026 and included 3.5 gigawatts of dedicated computing capacity.
The large-customer base expanded alongside revenue growth. Anthropic said in its filing that it had more than 11,900 customers with annual recurring revenue of at least $100,000 as of September 30, 2026, compared with more than 950 customers a year earlier. The number of customers with annual recurring revenue above $1 million also exceeded 1,900. Net revenue retention was about 900% on September 30, which the company attributed to existing customers increasing their use of its products. In the first nine months of 2026, the five largest customers accounted for about 25% of revenue, while no single customer accounted for more than 10%; the company also said about 250 customers each generated annual revenue of at least $10 million.
Anthropic's ties with major technology companies span distribution, hosting, investment and competition. Reuters reported that Amazon and Google were distribution channels, computing providers and investors in the company, while also competing with it, and that 47% of 2025 sales went through them to customers. This reliance adds another dimension to the long-term computing commitments highlighted in the IPO filing. On June 30, 2026, the filing showed that the company held $112.4 billion in cash and cash equivalents, in addition to $19.3 billion in short-term investments. These balances provide context for the scale of its financial resources, while the company says its infrastructure plans will increase capital expenditures and change its cash flow profile.
As for the IPO process, Anthropic said it had applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT, with sales to the public to begin “as soon as practicable” after the registration statement becomes effective. The preliminary filing did not specify an offering price range, and the company said the final price and valuation had not been determined. An Associated Press report cited reports of a possible valuation of $2 trillion, while stressing that this was not a publicly announced final valuation. The prospectus devoted 93 pages to risk factors, compared with 38 pages in SpaceX's prospectus, which exceeded 250 pages, according to the agency. Reuters said U.S. stock futures received a brief boost after the filing was published, and Wall Street's major indexes opened higher; Nvidia shares also rose about 3%, while Microsoft and Amazon each gained about 1% on October 26.
The filing comes as investors focus on revenue growth and the ability of artificial intelligence companies to finance their computing needs. Reuters reported that lower market volatility had narrowed the autumn IPO pipeline, while higher borrowing costs had raised investor concerns about a debt-funded investment boom. The report said revenue Anthropic presented to IPO investors was $16.8 billion in the third quarter, up 45% from the previous quarter, and that the company was profitable on an adjusted basis that quarter. These figures are separate from the first-half results in the filing. The company will begin sales to the public after the registration statement becomes effective, according to the filing, while the offering price and final valuation have yet to be determined.