EL7.AI
StocksMedium•27 October 2026•
4 min read

Anthropic posts $16.3 billion in first-half revenue and a massive net loss ahead of IPO

Key Facts

1Revenue reached $16.3 billion in the first half of 2026, about 14 times the same period a year earlier.
2The company recorded a net loss of $80.7 billion, including a one-time accounting charge of $72.4 billion.
3The operating loss was $693 million, while adjusted operating income reached a positive $1.62 billion.
4The company expects to spend at least $518 billion on infrastructure over a decade, with about 80% of commitments non-cancelable or payable regardless of usage.
5The five largest customers accounted for about 25% of the company’s revenue in 2026 through the date of the report.

Anthropic generated about $16.3 billion in revenue in the first half of 2026, nearly 14 times the revenue in the same period a year earlier, according to data the Associated Press published from the IPO filing. Over the same period, the company recorded a net loss of $80.7 billion. The loss included a one-time accounting charge of $72.4 billion related to financing agreements. The figures show rapid sales growth alongside a net loss affected by a large accounting item. The disclosures come as the company advances its plans to go public.

Operating measures offer a different picture from the reported net loss. The company posted an operating loss of $693 million in the first half of 2026, while adjusted operating income turned positive at $1.62 billion. The adjusted figure was a loss of $1.85 billion a year earlier. Revenue for the three months ended June 30 also rose 1,368% year over year, according to Reuters. But the company warned in its IPO filing that its revenue growth rate could slow and fluctuate, and said it might not achieve or sustain profitability, with losses and costs expected to continue rising.

Revenue expansion also extended to the customer base. The company said more than 11,900 customers generated at least $100,000 in revenue during the 12 months ended September 30, 2026, up from 950 customers a year earlier. The number of customers generating $1 million also exceeded 1,900, while about 250 customers generated more than $10 million in revenue over the same period. Net revenue retention was about 900% on September 30, a measure that reflects changes in existing customers’ spending and their departures. By contrast, the five largest customers accounted for about 25% of the company’s revenue this year, and the filing did not name them.

The cost of expansion is evident in the disclosed commitments to build computing infrastructure. The company expects to spend at least $518 billion over a decade with six partners, and Reuters said about 80% of the amount is non-cancelable or payable regardless of capacity usage. The commitments include at least $111.1 billion with Google, $110 billion with Amazon and $31.4 billion with Microsoft over the next seven to 10 years. The filing also showed separate commitments of about $161.2 billion for equipment leases related to Broadcom. Anthropic had $131.7 billion in cash and cash equivalents on June 30, and said its expansion in computing and infrastructure would change its cash-flow profile and increase capital spending.

The IPO filing included risk disclosures that went beyond spending and losses. The company devoted 93 pages to risk factors, according to the Associated Press, including the possibility that advanced AI systems could pose catastrophic or existential risks to humanity. It also warned that rapid model development could prevent adequate safety measures from being put in place, potentially increasing the likelihood of safety incidents, regulatory intervention and reputational damage. The filing also said the company’s reliance on a limited number of customers and distribution channels could harm its prospects and financial position if a major customer reduced its business with the company or withdrew. That concentration is underscored by the five largest customers accounting for about 25% of revenue this year.

The company had publicly filed its IPO papers, targeting a Nasdaq listing under the ticker ANT, without disclosing its target valuation or the number of shares on offer. The Associated Press said its Wall Street debut could come in November, while the final IPO price had not been settled in its report published on October 26. Earlier, Reuters reported that some investors had discussed a valuation near $1.5 trillion, compared with about $2 trillion previously expected for a November IPO, amid concerns about slowing revenue growth and the cost of financing AI. On the day the filing was announced, U.S. stock futures briefly gained momentum, and the S&P 500 rose 0.5% in morning trading. A financial analyst told Reuters that the IPO’s outcome would be an indicator of investors’ willingness to continue funding capital spending to develop AI.