EL7.AI
StocksMediumUpdated×2•Originally published 30 October 2026•Updated 31 October 2026•
4 min read

Anthropic Revenue Surges 1,300% to $16.286 Billion Ahead of Potential IPO

Key Facts

1Revenue reached $16.286 billion in the first half of 2026, up 1,300% from the same period a year earlier.
2The company recorded a net loss of $80.748 billion and an operating loss of $693 million in the first half of 2026.
3Customers each generating more than $100,000 on a trailing 12-month basis accounted for about 74% of revenue for the period.
4Computing and infrastructure expenses rose to $8.945 billion, up 283% year over year.
5Disclosed computing commitments totaled at least $44.9 billion with Microsoft, about $114.5 billion with Google and at least $110 billion with Amazon.

Anthropic filed a preliminary registration statement with the U.S. Securities and Exchange Commission on October 26 ahead of a potential public offering, disclosing revenue of $16.286 billion for the six months ended June 30, 2026, up 1,300% year over year. In the same period of 2025, the company recorded revenue of $1.163 billion. The filing showed a net loss of $80.748 billion in the first half, compared with $12.969 billion a year earlier. But the period’s operating loss was $693 million, highlighting the gap between the performance of the core business and the large impact of a revaluation of financing instruments. The company also provided details on revenue sources, customer-base expansion and computing spending ahead of a potential share offering.

Most revenue came from usage: consumption-based revenue reached $13.064 billion in the first half of 2026, compared with $3.222 billion from subscriptions. Anthropic said successive model and product releases drove usage, expansion and adoption. Revenue from customers each generating more than $100,000 on a trailing 12-month basis rose from $870 million to $12 billion between the first halves of 2025 and 2026. This group accounted for about 74% of total first-half 2026 revenue. The number of customers above that threshold also rose from more than 600 on June 30, 2025, to more than 6,000 on June 30, 2026, putting large companies and institutions at the center of sales growth.

The change in the fair value of convertible securities, derivative liabilities and simple agreements for future equity was $72.388 billion in the first half. The company said its higher corporate valuation was the main driver of the increase in the fair value of convertible notes. This accounted for most of the net loss, but did not equal it; Anthropic also recorded an operating loss of $693 million. On an adjusted basis, Reuters reported operating income of $1.62 billion in the first half, following an adjusted loss of $1.85 billion in the same period of 2025. In the quarter ended June 30, the company recorded revenue of $11.555 billion and operating income of $974 million, after an operating loss of $1.667 billion in the previous quarter.

Computing and infrastructure expenses rose to $8.945 billion in the first half of 2026 from $2.334 billion a year earlier, an increase of 283%. Anthropic said the rise was tied to the delivery of computing capacity it had previously committed to. Alongside those expenses, the cash-flow statement showed $3.929 billion in cash generated from operating activities, after the company used $1.513 billion in operating activities in the first half of 2025. Net cash used in investing activities was $17.181 billion in the same period of 2026. The prospectus included disclosed commitments for computing services of at least $44.9 billion with Microsoft between November 2026 and May 2033, about $114.5 billion with Google between April 2026 and July 2033, and at least $110 billion with Amazon between May 2026 and April 2036; these commitments are tied to contracted usage, and some can be canceled only under specified circumstances.

Anthropic warns in its registration statement that its revenue growth rate may decline over time and that it does not expect to sustain the rates of growth it has recorded recently. The warning comes as the figures point to a sharp acceleration in sales, alongside expansion in its customer base and spending on computing capacity. AP reported that the offering could take place in the month after its October 26 report and could be valued at up to $100 billion, but the amount the company will raise has not been settled. The company applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT, while the share count and offering price range remained unspecified in the publicly available prospectus. The offering price and final valuation have not been announced, while AP said the listing timing remains a possible estimate rather than a confirmed date.